• Macro: US markets rose yesterday with the S&P 500 and Nasdaq up 3.15% and 4.17% respectively. Europe ended higher with the Stoxx 600 broad index rising 1.20%. Later this morning, in Europe we have Germany ZEW Survey numbers, while in the US, the main focus point will be the Core CPI release for April.

• Stock: We have updates on DCC, Apple, and Greencoat Renewables. (Comment attached)

• Debt: Treasury yields climbed in the US yesterday as expectations for rate cuts were lowered to only two in 2025

• Asset Allocation
• Focus Feature: How to Navigate Bear Markets - With recessionary fears growing bigger, Leonardo Mazza, Junior Fund Manager, breaks down the business cycles that investors need to know in order to understand their current positioning
• Wealth Management: University Challenge - Michael Foley, Financial Advisor, outlines the cost of education in Ireland and suggests how parents can start to prepare at a very early stage
• Analyst Conviction List: The investment case for our preferred names
• The Fund Edit: Latest update on our range of investment funds, ETFs and trusts
• Ethical Investing: Green Effects providing sustainable investment returns
• Corporate Finance News: Choppy Waters for Real Estate - What Lies Beyond the Horizon? Central banks have raised interest rates with the hope of slowing inflation, but what does this mean for real estate? David Lawlor, Corporate Finance Director, considers the Q4 outlook and how Ireland's real estate market might fare.

Opportunities this week:

• Following the announcement of Dalata's strategic review and "commencement of a formal sale process", we are reiterating our BUY rating on the stock. Our €6 price target provides 10% upside for investors.
• Given the solid results of PTSB and its relatively large discount to the two main pillar banks, we are reiterating our Buy recommendation on the name with PT of €2.10 (36% upside).
• Following our positive meeting with management last week, we are taking the opportunity to reiterate our BUY rating on IRES REIT. Our price target of €1.20 provides 31% upside, supported by a dividend yielding 5.5%.