• Macro: Equity markets had a moderately positive day yesterday with the S&P500 +0.58% and the Nasdaq +0.81%, as Jolts job vacancies increased more than expected. Europe also was up marginally by +0.09%, as markets await the next ECB rate decision on Thursday. Economic releases today include final May Composite and Services PMIs from France, Germany, UK, US and the Eurozone. Also, in the US we get MBA Mortgage Applications for W/E May 30th, and ADP Employment Change data for May (+112K est.). At 3pm we get the ISM Services Index which is expected to be 52 vs 51.6 previously. Finally in the evening the Fed’s Beige Book is released. From the central bankers, only Bostic and Cook are scheduled to speak today.
• Stock: We have updates on Bank of Ireland, Paypal, TotalEnergies, Dalata and Ryanair. (Comment attached)
• Debt: Core bond yields were little changed yesterday in spite of US positive job vacancy data and lower EU CPI data.

• 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:

• We believe the recent weakness in Cairn Homes' share price, which appears to be attributable to concern for Ireland as a hub for multinationals, along with the wider equity market selloff, presents an attractive entry point for investors. OUTPERFORM PT: €2.31.
• Following the recent weakness in the shares of AIB Group as a result of global market turmoil resulting from President Trump’s tariff announcements, we are upgrading AIB to OUTPERFORM from Hold with a price target of €6.50.
• Last week, DCC Plc announced significant leadership changes aimed at aligning its management structure with its strategic focus on the energy sector. We reiterate our OUTPERFORM rating on the stock with PT of £71.40 (c. 50% upside)..