• Macro: It was a strong session for equities to start the week yesterday, as the Eurostoxx600, the Nasdaq, and the S&P500 all made gains, with stocks rebounding following the wide selloff on Friday and traders reassessed the “Trump trade”. Later today, at 3pm out of the US, we have the June Existing Homes Sales release, which is expected to have declined relative to May, and the Richmond Fed Manufacturing Index, forecast to show a modest improvement on June’s print but remain in negative territory. Out of Europe, markets will digest commentary from the ECB’s Chief Economist, Philip Lane at 8am.
  • Stock: Following news of a significant NPL sale, we have upgraded our rating on PTSB. (Comment Attached)
  • Debt: Core Bond yields were modestly higher after a strong run of late.