• Macro: US markets were mixed yesterday with the S&P 500 flat and the Nasdaq ending modestly higher on the day. Europe ended lower with the Stoxx 600 broad index falling 0.64%. Later today, in the US, we get New Home Sales for April. From central bankers, Lane from the ECB, Musalem, Schmid and Cook from the Fed will all be speaking.
• Stock: We have updates on Rio Tinto, Greencoat Renewables, and GSK. (Comment attached)
• Debt: US yields declined despite positive PMI and Jobless data, whilst European bonds stabilised yesterday as ECB sources validated cuts below 2% in H2

• Discretionary Investments: Plenty of market opportunities on offer for investors in the second half of the decade
• Focus Feature: Building and Preserving Intergenerational Wealth
• Analyst Conviction List: Ryanair & GSK
• Corporate Finance: Farra Marine: Driving Offshore Wing Growth
• Asset Management: The Latest on Our Funds
• Performance Data: The Most Recent Figures on Capital Protected Products

Opportunities this week:

• Ryanair has issued a solid set of FY25 results (Year-end 31/03/2025) and outlined its reassuring outlook for the summer months. OVERWEIGHT PT: €25.30.
• We are upgrading our PT on Bank of Ireland to €12.70 from €11.50, following a review of our valuation metrics. We continue to rate the stock as an overweight.
• In what was a strong set of results for Q3’25, Diageo reported organic revenue growth of 5.9%, ahead of expectations for +2.7%, and a material improvement on the 2.5% decline experienced in Q3'24. NEUTRAL PT: £22.60