• Market Round Up: Equity markets were relatively quiet yesterday ahead of weekend ceasefire talks between Iran and the US, as well as a Kremlin-announced Orthodox Easter ceasefire in Ukraine. The S&P was up 0.62% and the Nasdaq 0.83%, whilst European markets slipped 0.15%. 
• Day Ahead and Market Drivers:Today, Asian markets are also relatively subdued with Tokyo flat, Hong Kong up 0.8% but China is up 1.9%, as strong EV export data buoyed the market there. On the macro front, today we get US CPI data, which is expected to increase to 0.9% MoM, which will be closely watched after the inline PCE price index yesterday. A more forward-looking indicator, the University of Michigan Sentiment indicator for April, is released with expectations being for a decline in April to 51.5 from 53.3.
• Equities: It is very light in terms of corporate releases with no major US or European companies reporting, though next week we start to get Q1 results from a number of US financials, including Goldman Sachs, JP Morgan, Bank of America, Blackrock, Citigroup and Wells Fargo.
• Bonds: Bond yields rose 4~5bps yesterday in the main European markets, as oil prices rose again amidst ceasefire uncertainty. But the US bucked the trend and saw 2bps lower yields on its 10 years, but this is ahead of key CPI data today.  
• Commodities: This morning oil prices are up less than 1%, following a slight rebound by 3.5% for WTI and 1.2% for Brent yesterday

• Asset Allocation Q3 2023
• Focus Feature: Outright recession looking for world economy
• Wealth Management: A pension is for life, not just the pay and file deadline.
• 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.

Opportunities this week:

• Flutter (Overweight, PT $269, 115% upside) - General update and PT downward revision. 
• Smurfit Westrock (Overweight, PT $59.70, c. 16% upside) - PT update following Q4 results and medium-term guidance.
• LVMH (Overweight PT €645 +25% Upside) - Increasing PT from €630 to €645 and move to Overweight as core brand strength remains evident.