Macro: Equity markets had a mixed day yesterday with the S&P500 +0.38% and the Nasdaq +0.24%, as, despite a solid 30-year treasury auction, geopolitical tension rose again as news outlets reported that Israel was considering military strikes on Iran, which subsequently happened overnight. Europe was weaker, declining -0.33%. Economic releases today include the UK’s BOE/IPSOS Next 12 Month inflation survey in April, the EU’s trade balance and EU Industrial Production. Over in the US, the only item out is the June University of Michigan’s Sentiment index at 15:00 (est. 53.6 and 52.2 prev.) It is all quiet on the central bankers’ front on Friday.

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

Debt: US Bonds rallied on a successful $22bn 30-year US Treasury auction, and as unemployment and PPI data were weaker than expected

• Discretionary Investments: A Long Term Perspective and Diversification are Key when Investing in Uncertain Times
• Focus Feature: Navigating Financial Planning with Confidence
• Cantor Fitzgerald Asset Management: The Latest Update on Our Funds
• Performance Data: The Most Recent Figures on Capital Protected Products

Opportunities this week:

• Following a month of weak absolute and relative performance for CRH we are reiterating our Overweight rating with PT of 8950p (31% upside).  
• We are updating our price target for Uniphar to €4.25 from €3.70 previously and maintain our Overweight recommendation (with 16% upside). 
• We are updating our target price on Aviva to 632p from 604p but given the limited upside (1%) and strong performance in the shares (37% total return year to date, 78% over three years), we are downgrading our rating to Neutral from Overweight.