• Macro: It was a weak day for equity markets as the Eurostoxx, the S&P500 and the Nasdaq down, after being up for much of the day, but weakness in major tech stocks pulled the market down into the close. Today, it is all about inflation, in Europe we have French Consumer confidence and ECB CPI expectations. Whilst in the US it is a busier day with Personal Income and Spending data @13:30. The important Core PCE Price index, the Feds preferred gauge of inflation @13:30, where it is expected to decrease YoY. University of Michigan survey @15:00 and the Kansas City Fed services activity @16:00.
• Stock: Yesterday mid-afternoon, Greencoat Renewables issued its latest NAV calculation for the end of June 2024. (Comments Attached)
• Debt: Core Bond yields moved lower on disappointing data out of Europe

• Discretionary Investments: Asset Allocation Q3 2024
• Focus Feature: Political Divergences in Europe: France vs. Ireland in 2024
• Analyst Conviction List: Cairn Homes and FBD
• Asset Management: The Latest on Our Funds
• The Fund Edit: An Update on Our Range of Investment Funds, ETFs and Trusts
• Performance Data: The Most Recent Figures on Capital Protected Products

Opportunities this week:

• We have reduced our target price on Ryanair following an underwhelming set of results but maintain a BUY rating on the stock. (BUY PT: €19.50)
• We are reiterating our BUY rating on Dalata after data released signalled positive tourism trends in the company’s core markets. (BUY PT: €5.55)
• Ahead of Uniphar’s half year 2024 trading update on the 30th of July, we are reiterating our BUY rating on the stock . (BUY PT: €3.50)