• Macro: Equity markets had a broadly positive day yesterday with the S&P500 up +2.05% and the Nasdaq up +2.47%. Europe also rose but by less with a +0.33% increase. Economic releases today include French Consumer Spending, Payrolls and PPI. From Germany, we get Unemployment data. Ireland releases its Retail Sales figures for April, and the ECB announces 1- and 3-year CPI expectations. In the US, we get MBA Mortgage Applications, Richmond Fed Manufacturing Index, and the Dallas Fed Services Activity. From the Central Bankers, the Fed releases its FOMC meeting minutes from the latest meeting and Kashkari will be speaking.
• Stock: We have updates on Rio Tinto and Dalata. (Comment attached)
• Debt: Core bond yields moved lower in the US yesterday despite higher-than-expected consumer confidence data.

Opportunities this week:

• Last Thursday Barclays reported a solid set of earnings for the FY and Q4, following which we updated our target price to 350p from 273p, and upgraded the stock to a Buy from a Hold recommendation.
• Ahead of Glanbia’s FY24 results on the 26th of February, we believe it is opportune to highlight our buy rating and the 36% upside to our €19.40 price target on the stock.
• Following Smurfit Westrock's first set of full year results on Wednesday last week, which were slightly soft but reassuring nonetheless, we are reiterating our BUY rating on the stock, our price target of $59 provides 10% upside.