• Macro: Equity markets were risk-off across the board yesterday, with the Eurostoxx600 (-70bps), the S&P500 (-112ps) and the Nasdaq (-204bps) each ending in the red as concerns over tariffs dampened investor sentiment across the globe. Later today, from the US, we get the Q4 core PCE price index, personal consumption, and GDP. From central bankers, we have commentary from Schabel, Wunsch, Escriva, and Villeroy from the ECB, as well as the Fed's Barkin and Collins.
• Stock: TotalEnergies has announced investment decisions for six battery storage projects in Germany. (Comment Attached)
• Debt: Core bond yields were little changed yesterday in a day of light economic data releases

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)