• Macro: European equities had a positive session yesterday, with the Eurostoxx600 finishing up 1.63%. In the US, the S&P500 and the Nasdaq finished modestly lower. In economic news today, we get the Bank of Canada rate decision and final Eurozone CPI. In the US, we get March Retail Sales, MBA mortgage applications, and March Industrial Production data. From the central banks, we will have commentary from Fed Chair Powell, as well as Hammack and Cook.
• Stock: Last night Rio Tinto issued its Q1 2025 production update and left its full year production and cost guidance unchanged. (Comment attached)
• Debt: Core bond yields moved slightly higher in Europe yesterday as little progress was made during trade negotiations with the US

Opportunities this week:

• This morning Greencoat Renewables released its H1 2024 results to the end of June, which provides some extra details in addition to the NAV factsheet released on 25th July. (BUY PT €1.20)  
• On Friday, we met with the CEO of PTSB to discuss H1 results and business and balance sheet strategy at the bank. We came away reassured about the outlook for the bank’s medium-term growth and position within the Irish banking market. We maintain the stock on a Buy rating with PT of €1.83, upside 10%.  
• Last week we met with the CFO and IR of Uniphar to discuss the H1 results and business strategies and outlook. We continue to rate the stock as a Buy with PT €3.5 (29.4% upside) given the low valuation levels for this well run, steadily growing business, with a strong niche business model.