• Macro: US markets were closed yesterday due to the funeral of former president Carter. Meanwhile, in Europe, the Stoxx 600 broad index had a positive day rising +0.42%. Later this morning, we have French November data for Consumer Spending, Industrial and Manufacturing Production, at 11am we get Irish retail sales, and the Live Unemployment Register. In the US the main event at 1.30pm is Non-Farm Payrolls, and Unemployment Rate. Also, we get Hourly Earnings, Participation rate and Underemployment Rate, where little change is expected. Then at 3pm, we get the University of Michigan Sentiment index.
• Stock: We have updates on Dalata’s completed sale of the Clayton Hotel Wexford, and Glenveagh’s FY24 update. (Comment attached)
• Debt: Core bond yields were little changed yesterday in a day of light economic data

Opportunities this week:

• This morning, Ryanair issued a solid set of results for the first half of FY25 in which second quarter operating profits declined by 2% YoY but beat consensus by 2%. (BUY PT: €19.50)
• Last week Grafton Group announced an acquisition in an attractive segment of the Spanish market and issued full year guidance ahead of consensus estimates. (BUY PT: £12.30)
• Last Wednesday, Microsoft reported its Q1 2025 results where it exceeded expectations with double-digit growth in revenue, operating profit, and EPS but reacted negatively to Q2 guidance. (BUY PT: $479)