• Macro: Equity markets had a mixed day yesterday with the S&P500 +0.52% and the Nasdaq +0.47%. Europe fell -0.42%. Economic releases today include French, German, EU, UK and US Manufacturing PMIs, preliminary EU CPI for June (2.3% YoY est.). In the US, we have ISM survey data, where little change is expected, followed by Construction Spending, JOLTS Job openings data (7.3m est.), the Dallas Fed Services Activity index and Wards Total Vehicle Sales. From the central bankers, various ECB, Fed, BoJ, and BoE members will be speaking at the Sintra ECB Forum on Central Banking.

• Stock: We have updates on Dalata, Apple and Irish Continental Group. (see page 2)

• Debt: US Treasuries saw a decline in yields following weaker than expected Chicago PMI and Dallas Fed activity index. In Europe yields were little changed

Opportunities this week:

• We highlight a number of reasons why Bank of Ireland’s net interest income is expected to have a muted correlation with falling ECB rates, and why substantial return of capital is expected. (Buy PT: €11.70).
• We increase our CRH price target and discuss why we view the upcoming Q3 earnings season as another opportunity for CRH to illustrate the strength of its integrated business model, which should result in continued outperformance relative to its peer group. (Buy, PT: $106)
• We are downgrading our rating on Deere & Co due to ongoing demand issues leading to increased layoffs and dealer inventories, as well as an FTC investigation into its repair policies. (Neutral PT: $410)