Macro: US equity markets had a positive day yesterday with the S&P500 +0.55% and the Nasdaq +0.66%, as US and China agreed on a preliminary deal to implement their agreement reached in Geneva, but full details were not available. US negotiators expect issues around rare earth minerals and magnets to be resolved. Europe was flat on the day. Economic releases today in the US are MBA Mortgage Applications at 12:00 and at 13:30 all eyes will be on Core CPI for May that is expected to show slightly higher inflation in May. From the central bankers, Lane and Cipollone from the ECB are scheduled to speak today.

Stock: We have an update on IRES REIT. (Comment attached)

Debt: Core bond yields in Europe fell, led by a rally in the UK market following the weaker than expected UK Employment report.