• Macro: US markets rose yesterday with the S&P 500 and the Nasdaq up 2.51% and 2.71% respectively. Europe also ended higher with the Stoxx 600 broad index rising 0.25%. This morning, in Europe, we have UK, France, Germany and Eurozone PMI releases. Later today in the US we also get PMI data along with MBA Mortgage Applications, New Home Sales and the release of the Fed’s Beige Book. From central banks, Knot, Villeroy and Lane from the ECB and Hammack from the Fed will be speaking.
• Stock: Yesterday DCC plc announced that it had entered into a definitive agreement for the sale of its healthcare division to HealthCo Investment Limited. (Comment attached)
• Debt: Core bond yields were little changed in the US yesterday despite positive comments from both Trump and Bessent regarding developments on trade deals.

Opportunities this week:

• The selloff in Kingspan’s shares over the past couple of weeks has the stock near the bottom end of its trading range over the past six months. As such, we view it as an attractive trading opportunity to add exposure to the name. (BUY PT:€96).
• We are upgrading our target price for PTSB to €2.30 (39.8% upside) from €1.83 following a positive reassessment of the bank’s expected relative performance versus the other Irish pillar banks.
• Last week we held a meeting with Supermarket Income REIT discussing its optimism on the direction of valuations, SUPR’s landmark voyage into France and improving investor appetite. (BUY PT: £0.88).