• Macro: It was a mixed session for equity markets yesterday, as the Eurostoxx600 and the Nasdaq were up slightly, while the S&P500 ended in the red. From an economic standpoint today, we have Eurozone Industrial Production for December at 10:00. In the US, at 13:30 PPI Final Demand MoM for January is expected to increase and Initial Jobless Claims are anticipated to decline. From Central Banks we have Cipollone and Nagel from the ECB, as well as Powell, Bostic and Waller from the Fed.
• Stock: We have updates on FY24 results from Smurfit Westrock, Nestle, and Barclays. (Comment attached)
• Debt: Core Bond yields initially moved higher in the US yesterday following a higher-than-expected inflation number however reverted back on news regarding Trumps efforts to end the Ukraine war.

Opportunities this week:

• We are reiterating our BUY rating on Flutter with an increased price target. (BUY PT: $255)
• Kingspan’s shares ended last week near a six-month low, presenting a buying opportunity for investors willing to withstand some short-term volatility for an attractive long-term growth story. (BUY PT: €90)
• Last week we met with the investor relations team of DCC and came away with confidence in the business strategy which targets both topline and margin growth. (BUY PT: €72.50)