• Macro: Equity markets moved higher yesterday with the Eurostoxx600, S&P500, and the Nasdaq all posting gains, as big tech led markets higher on the day. Later this morning in Europe we have France, Germany and Eurozone PMI releases all expected to remain unchanged from their prior reads and in the US, we have MBA mortgage applications and ADP Employment Change expected to increase, whilst the December Trade Balance is expected to widen further. The ISM Services Index is expected to decrease slightly. Central bank speakers today include Lane from the ECB, as well as Barkin, Goolsbee and Bowman from the Fed.
• Stock: We have updates on DCC, Ryanair, TotalEnergies, PayPal, and GSK (Comment attached)
• Debt: Core Bond yields fell in the US yesterday on weak jobs data ahead of Friday’s non-farm payrolls

• Discretionary Investments: Plenty of market opportunities on offer for investors in the second half of the decade
• Focus Feature: Building and Preserving Intergenerational Wealth
• Analyst Conviction List: Ryanair & GSK
• Corporate Finance: Farra Marine: Driving Offshore Wing Growth
• Asset Management: The Latest on Our Funds
• Performance Data: The Most Recent Figures on Capital Protected Products

Opportunities this week:

•  In what was a solid set of results for H1’25, Diageo reported a net sales decline of -1% to £10.9bn, which was 2% ahead of market expectations and this was generated on the back of organic revenue growth of 1%, ahead of expectations for -1.7%. HOLD PT: £25.10
• We came away from our post-results meeting with Ryanair last week with increased confidence on the airline’s prospects during the year ahead. Following this, we have updated our model, resulting in an increase to our DCF derived price target to €23.30
• Amidst growing concerns regarding Trump initiated trade wars, we continue to rate Rio Tinto as a Buy with PT £60.75 and 26% upside.