• 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:

• Last week, following Kerry's FY24 earnings which came out broadly in line with expectations for its Taste & Nutrition division, we increased our price target on the stock to €116 (19% upside) while also adding it to our analyst conviction list.
• This morning Bank of Ireland reported its FY2024 earnings that show a slight beat on net interest income and underlying profit after tax. BUY PT: €10.80.
• Following on from Roche’s recent Immunology/Nephrology seminar, on Thursday the company presented a launch update on its groundbreaking Sequencing by Expansion (SBX) technology. BUY PT: CHF 330.