Macro: Equity markets fell yesterday, with the S&P500 and Nasdaq down -0.84% and -0.91% respectively, as concerns over escalating Middle East tensions and weak economic data led to a pullback in stocks. Europe’s Stoxx 600 index was down -0.85%. Economic releases today include Eurozone CPI at 10:00 and in the US MBA Mortgage Applications at 12:00, Housing Starts, Building Permits and Initial Jobless Claims (est. 245k) at 13:30, as well as the FOMC rate decision at 19:00, with interest rates expected to remain unchanged. From the central bankers, Panetta, Villeroy and Nagel from the ECB are scheduled to speak today, and we’ll hear from the Fed following its FOMC meeting.

Stock: We have an update on AIB. (Comment attached)

Debt: US yields declined on softer than expected economic data. European yields were little changed despite a positive outlook from the German ZEW Expectations Survey.

• Discretionary Investments: A Long Term Perspective and Diversification are Key when Investing in Uncertain Times
• Focus Feature: Navigating Financial Planning with Confidence
• Cantor Fitzgerald Asset Management: The Latest Update on Our Funds
• Performance Data: The Most Recent Figures on Capital Protected Products

Opportunities this week:

• Following a month of weak absolute and relative performance for CRH we are reiterating our Overweight rating with PT of 8950p (31% upside).  
• We are updating our price target for Uniphar to €4.25 from €3.70 previously and maintain our Overweight recommendation (with 16% upside). 
• We are updating our target price on Aviva to 632p from 604p but given the limited upside (1%) and strong performance in the shares (37% total return year to date, 78% over three years), we are downgrading our rating to Neutral from Overweight.