• 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

• Discretionary Investments: Global Equities Reach Record Highs As Election Uncertainty Looms
• Focus Feature: "Nothing is Certain in Politics”: Interview with Minister Paschal Donohoe TD
• Wealth Management: Finance Bill 2024: How Does It Impact Your Retirement Planning?
• Cantor Fitzgerald Asset Management: The Latest on Our Funds
• Performance Data: The Most Recent Figures on Capital Protected Products

Opportunities this week:

• GSK experienced a mixed performance in 2024, with its stock rising by 21.5% until May before declining by 22% in the second half, resulting in a total return of -3.5% for the year. Despite this, the outlook remains positive, with a target price of 1920p.
• Flutter reduced its FY24 guidance for both revenues and profits in the US, due to historically customer-friendly results, however, the impacts of this are not expected to have any material impact on the company’s 2025 outlook. BUY PTY: $300.
• Glanbia is currently valued at or near a 10-year low valuation on both PE and EV/EBITDA. As such, we view this as a very attractive entry point for investors. BUY PT: €19.40.