• Equity Markets: Shares of major global tech companies climbed in afterhours trading amid speculation that Nvidia’s strong forecast could revive Wall Street’s AI-fuelled rally. The S&P500 and Nasdaq rose +0.38% and +0.59% respectively. Europe fell -0.03%. In the US, six sectors were in positive territory with 39% of stocks ending higher. IT (+0.93%) and Communication Services (+0.72%) were best, while Energy (-1.30%) and Utilities (-0.81%) were weakest. Nvidia rose (+2.85%) yesterday and is up 5.1 % in overnight trading after issuing a robust revenue outlook for the current quarter, easing worries that the worldwide boom in AI spending might be losing momentum. Alphabet shares jumped (+3.0%) following enthusiastic early reviews of its newly launched Gemini 3.0 artificial intelligence model. In Europe, seven of eleven sectors were in positive territory with 56% of stocks ending higher. Materials (+0.84%) and IT (+0.77%) were best, while Utilities (-1.32%) and Energy (-0.74%) were worst. ASML (+2.4%) as an analyst forecast that the company could generate more than double its previously expected 2030 revenue, fuelled by surging demand for extreme ultraviolet (EUV) technology.
• Macro: In Europe, Eurozone CPI for October was in line with forecasts at 2.1%.  · From the Fed, the October FOMC meeting minutes show that numerous officials believe it will likely be appropriate to maintain current interest rates throughout the remainder of 2025. The Bureau of Labor Statistics announced it will postpone releasing the October and November payroll data until after the December meeting.Economic releases today include Eurozone Consumer Confidence at 15:00, while in the US we have Initial Jobless Claims and Change in Nonfarm Payrolls at 13:30.
• Stocks:
• Supermarket Income REIT: (Overweight PT 90p c. 16% upside): Details relating to further M&A activity.
• Glanbia: (Overweight PT €17.80, c. 22% upside): Update relating to medium term strategic and growth targets from Capital Markets Day
• Debt: US and Core Eurozone Bonds were little changed yesterday, but the UK Gilt market saw higher yields in spite of an inline CPI read, ahead of a difficult budget

Opportunities this week:

• With the sale of Kerry’s Dairy Ireland division having gone through on the 31st of December, the company entered 2025 as a pure-play food ingredients company. This will be highlighted upon release of the company’s FY24 results in late February. BUY PT: €106.
• In our view, the pullback in Ryanair’s shares since mid-December (-7%) presents an attractive buying opportunity for investors, we also believe there is reason to be optimistic on the airline’s outlook for FY26. BUY PT: €21.80.
• We are optimistic that IRES REIT can reduce the significant discount it trades relative to NAV in 2025, driven by a number of supportive catalysts. BUY PT: €1.19.