• Macro: European equities had a positive session yesterday, with the Eurostoxx600 finishing up 1.63%. In the US, the S&P500 and the Nasdaq finished modestly lower. In economic news today, we get the Bank of Canada rate decision and final Eurozone CPI. In the US, we get March Retail Sales, MBA mortgage applications, and March Industrial Production data. From the central banks, we will have commentary from Fed Chair Powell, as well as Hammack and Cook.
• Stock: Last night Rio Tinto issued its Q1 2025 production update and left its full year production and cost guidance unchanged. (Comment attached)
• Debt: Core bond yields moved slightly higher in Europe yesterday as little progress was made during trade negotiations with the US

• Discretionary Investments: Plenty of market opportunities on offer for investors in the second half of the decade
• Focus Feature: Building and Preserving Intergenerational Wealth
• Analyst Conviction List: Ryanair & GSK
• Corporate Finance: Farra Marine: Driving Offshore Wing Growth
• Asset Management: The Latest on Our Funds
• Performance Data: The Most Recent Figures on Capital Protected Products

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)..