• Macro: Equity markets were mostly positive yesterday, as the Eurostoxx600 ended the day marginally up on low volumes, whilst the S&P500 (+63ps) and the Nasdaq (+152bps) each ended in the green, led by market bellwethers Microsoft and Meta following two strong sets of earnings releases. In the day ahead, the main economic release will be the April Non-Farm Payrolls out of the US at 13:30, which is forecast to have dropped significantly following a spike in March.

• Stock: We have updates on Smurfit Westrock, Apple, Shell, Bank of Ireland, and Ryanair.

• Debt: Core bond yields moved higher yesterday as Japan signaled its holdings of US bonds were a negotiating chip in its trade talks with the US.

• 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:

• Ahead of AIB’s AGM on the 1st of May, there is some concern that the €1.2bn Directed Buyback that was announced on the 31st March 2025 may not happen. (OVERWEIGHT PT: €6.50)
• Last week Supermarket Income REIT made progress on its strategic initiatives, showing a willingness and ability to actively manage its portfolio and recycle its capital, this time though a joint venture aimed of enhancing its earnings profile. (OVERWEIGHT PT: 88p)
• Given the considerable uncertainty that increased protectionist trade policies present for Volkswagen’s earnings outlook, along the recent competition and demand issues, we have decided to drop coverage on the stock.