• 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:

•  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.