• Equity Markets: Equity markets had a moderately positive day yesterday with the S&P500 +0.58% and the Nasdaq +0.89%, as earnings in the US continued their positive momentum and US/Sino trade talks are planned over the coming days, as next week Trump and Xi are scheduled to meet. Europe rose +0.37%. In the US, seven of eleven sectors were in positive territory and 56% of stocks ended higher. Energy and Industrials were best. Consumer Staples and Utilities were weakest. There were no standout moves amongst the mega cap ($500bn+ market caps). Dow Inc and Las Vegas Sands rose +12.9% and +12.4% respectively on positive earnings reports. In Europe, seven of eleven sectors were in positive territory, with Energy and IT best, whilst Communications Services and Healthcare were worst. Nokia rose +10% on solid results driven by AI and Cloud equipment sales. Whereas ST Micro fell -14% after management lowered revenue guidance for the year.    
• Macro: In macro news yesterday, in Europe, French October Business and Manufacturing Confidence rose and beat expectations, at 97 and 101 respectively. UK October CBI Business Optimism and Total Orders index fell to -31 from -27 and -38 from -27 respectively, both worse than expected. EU Consumer confidence improved in October to -14.2 from -14.9 and was better than the -15 expected. This morning, we had Irish Consumer Confidence that declined slightly to 59.9 in October from 61.7 and in the UK GfK Consumer Confidence (Oct) beat expectations by improving to -17 from -19, and Retail Sales ex Auto Fuel improved to 2.3% YoY in September, ahead of 0.6% est. and 1.3% prior data. In the US, September Existing Home Sales improved to +1.5% MoM from -0.2% and was in line with estimates. The Kansas City Fed Manufacturing Activity index for October rose to 6 from 4 and was better than the index level 2 expected.Economic releases today include French Consumer Confidence (Oct), a raft of Manufacturing, Services and Composite PMIs for October from France, Germany, UK, EU, and the US, which are generally expected to be little changed. In the US we also get New Home Sales (-11.5% est. Sep), U. of Mich. Sentiment Index (54.5 est. for Oct Final), Kansas City Fed Services Activity (Oct), Building Permits (Sep F) and most importantly CPI (3.1% YoY est. for Sep)Economic releases today include Eurozone Consumer Confidence and from the US Initial Jobless Claims and Existing Home Sales.
• Stocks: GSK: (Neutral. PT: 1660p 0.5% upside): Details on the reapproval of Blenrep, a blood cancer medication, in the US.
• Debt:  Bond market prices were off slightly ahead of a range of tier one economic data from the Eurozone and the US with CPI being the main focus.

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.