• Macro: Equity markets had a quiet but mixed day yesterday with the S&P500 +0.14% and the Nasdaq +0.37%, whilst Europe was slightly down -0.08%, as markets took a pause ahead of the next wave of earnings results. Economic releases today include Irish PPI for June, as well as the ECB’s Bank Lending Survey. Over in the US, we get the Philadelphia Fed Non-Manufacturing Activity survey, and the Richmond Fed Manufacturing Index. From the central bankers, the BOE’s Bailey is speaking. The Fed is in its communications blackout period.
• Stock: There was no major corporate news for our coverage.
• Debt: Core bond yields declined in the absence of major economic data, as markets shift focus to the looming August 1st trade tariff deadline and the risk of a “no deal” scenario for the EU/US increases.

Opportunities this week:

• With the sale of Kerry’s Dairy Ireland division having gone through on the 31st of December, the company entered 2025 as a pure-play food ingredients company. This will be highlighted upon release of the company’s FY24 results in late February. BUY PT: €106.
• In our view, the pullback in Ryanair’s shares since mid-December (-7%) presents an attractive buying opportunity for investors, we also believe there is reason to be optimistic on the airline’s outlook for FY26. BUY PT: €21.80.
• We are optimistic that IRES REIT can reduce the significant discount it trades relative to NAV in 2025, driven by a number of supportive catalysts. BUY PT: €1.19.