• 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

Opportunities this week:

• The recent selloff in Kingspan’s shares has the stock trading near a YTD low, providing an attractive entry point for investors looking to add exposure to the name. (BUY PT: €93)
• Over the past couple of months Dalata has made a number of positive moves, including communicating management’s 2030 vision to the market, adding capacity in Dublin, and a pipeline addition in London. (BUY PT: €5.40)
• Last week DCC announced a shift in its strategy, resulting in a planned transition to a more streamlined business that will be fully focused on the energy sector. (BUY PT: £71)