• Macro: It was a mixed session for equity markets yesterday, as the Eurostoxx600 and the Nasdaq were up slightly, while the S&P500 ended in the red. From an economic standpoint today, we have Eurozone Industrial Production for December at 10:00. In the US, at 13:30 PPI Final Demand MoM for January is expected to increase and Initial Jobless Claims are anticipated to decline. From Central Banks we have Cipollone and Nagel from the ECB, as well as Powell, Bostic and Waller from the Fed.
• Stock: We have updates on FY24 results from Smurfit Westrock, Nestle, and Barclays. (Comment attached)
• Debt: Core Bond yields initially moved higher in the US yesterday following a higher-than-expected inflation number however reverted back on news regarding Trumps efforts to end the Ukraine war.

Opportunities this week:

• Following Cairn Homes’ strong H1 trading statement last week which served as a reminder that its impressive earnings growth is likely to continue in the years to come, we reiterate our BUY on the stock. (BUY PT: €2)
• Since mid-March 2024 Visa, along with the Digital Payment space, has seen a relative underperformance compared to the S&P 500. We see this as an opportunity to add exposure to the stock. (BUY PT: $302)
• Ahead of DCC’s AGM next Thursday, where there is nothing contentious on the proxy form, we reiterate our Buy recommendation with an updated price target of £72.50, up from £71.00. (BUY PT: £72.50)