Macro: Equity markets had a positive day yesterday with the S&P500 +0.9% and the Nasdaq +1.5%, as the market assessed the Iran-Israel conflict could be contained and deescalated through talks. Europe rose +0.4%. Economic releases today include the ZEW Expectations survey for Germany at 10:00 (35 est.), then at 13:30 we get May’s US Retail Sales (est. -0.6% MoM), Import Prices (-0.2% est.) and the NY Fed Services Business Activity index. Later at 14:15 May’s Industrial Production (est. 0.0% MoM) and Capacity Utilisation (est. 77.7%) data are released. Finally, at 15:00 Business Inventories (est. 0.0%) and NAHB Housing Market Index (est. 36) are announced. From the central bankers, we only have the ECB’s Villeroy and Centeno speaking. It’s also a busy week for central banks, with six of the ten most-traded currencies in the world set for rate decisions this week.

Stock: We have updates on TotalEnergies and AIB. (Comment attached)

Debt: Bond markets oscillated a bit yesterday but eventually yields ended more or less unchanged in Europe but slightly higher in the US

Opportunities this week:

• There are a number of supportive catalysts for IRES REIT in the year ahead, including yield stabilisation, potential for favourable policy changes, further progress on its strategic asset recycling programme, and lower turnover of its major shareholders. BUY PT: €1.19.
• Given the potential for M&A in 2025, retailer shelf resets driving topline growth, and the company’s CMD planned for H1, we reiterate our BUY rating on Glanbia with a slightly reduced PT of €19.80.
• With one of the highest return portfolios within its’ peer group and a wide range of growth opportunities we are upgrading TotalEnergies to a BUY with a slightly increased PT of €68.