• Macro: Markets trended lower yesterday with European equities down, whilst in the US, the S&P 500 and the Nasdaq both finished in the red. From an economic perspective in the Eurozone, GDP for Q1 came modestly ahead of expectations at 0.4% YoY buoyed by positive numbers out of Germany and confirmed the currency bloc has exited a technical recession over the quarter. Eurozone CPI data for April was inline with expectations on a YoY basis at 2.4%, and despite a slightly hotter than expected core read, it leaves the ECB on track for a June rate cut. In the US, consumer confidence for April fell by more than expected to 97 vs 104 estimated, as sentiment was weighed down by elevated prices.
• Stock: There were earnings releases from Amazon, PayPal, Glanbia and GSK. (Comments Attached)
• Debt: Bond yields moved higher across the board yesterday after a hotter than expected US Employment Cost Index release.

• Asset Allocation
• Focus Feature: Michael McGrath on Accwssion to the big job, nurturing domestic business and Sinn Fein .
• Analyst Conviction List: The investment case for our preferred names.
• The Fund Edit: Latest update on our range of investment funds, ETFs and trusts.
• Ethical Investing: Green Effects providing sustainable investment returns.
• Corporate Finance News: The crucial role of alternative lenders in achieving Ireland's housing targets.

Opportunities this week:

• We reiterate our BUY rating on Flutter as we believe it presents an attractive opportunity for investors to add exposure to the name at a discount.
• We are reiterating our BUY rating on Cairn Homes ahead of its customary AGM trading update next week.
• Last week, we issued an update on Roche Holdings, reiterating our BUY rating with a price target of CHF280, which provides 26.7% upside for investors.