• Macro: Equity markets were little changed yesterday, as the Eurostoxx600, the S&P500 and the Nasdaq each ended relatively flat, with investor sentiment driven by a combination of factors including stronger than expected jobs numbers in the US and concerns over an escalation of the conflict in the Middle East. In economic news in the day ahead, we will have services and composite PMI releases out of France, Germany, the Eurozone and the UK. Out of the US, the market’s attention will be drawn to the September ISM services index, Durable Goods and Factory orders for August and weekly initial jobless claims.
• Stock: Yesterday we held a meeting in our office with the management team from IRES REIT and TotalEnergies held its 2024 strategy day. (Comments attached).
• Debt: Core bond yields moved higher yesterday following a stronger ADP report and positive Eurozone Unemployment data.

• Discretionary Investments: Asset Allocation Q3 2024
• Focus Feature: Political Divergences in Europe: France vs. Ireland in 2024
• Analyst Conviction List: Cairn Homes and FBD
• Asset Management: The Latest on Our Funds
• The Fund Edit: An Update on Our Range of Investment Funds, ETFs and Trusts
• Performance Data: The Most Recent Figures on Capital Protected Products

Opportunities this week:

• We are increasing our price target on L’Oreal to €466 and adding the stock to our Analyst Conviction List. (BUY PT: €466).
• As we flagged ahead of time, management utilised its capital markets day last week to highlight the significant growth opportunity on the horizon for Flutter, as the global scale leader in the gambling industry. (BUY PT: $275/£206).
• We continue to appreciate Rio’s strong financial position, its growth potential from new mining projects, attractive valuation metrics, as well as the improvement in commodity price outlook. (BUY PT: £60.75).