• Macro: It was a strong session in markets yesterday with Europe up 0.85% whilst the S&P 500 trailed slightly behind and the Nasdaq marginally above this as markets continued to rally on a lower anticipated interest rate environment.
• Stock: We have updates on Uniphar and Flutter.
• Debt: Core bond yields were little changed yesterday on mixed PPI and jobs data.

• 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:

• This morning Greencoat Renewables released its H1 2024 results to the end of June, which provides some extra details in addition to the NAV factsheet released on 25th July. (BUY PT €1.20)  
• On Friday, we met with the CEO of PTSB to discuss H1 results and business and balance sheet strategy at the bank. We came away reassured about the outlook for the bank’s medium-term growth and position within the Irish banking market. We maintain the stock on a Buy rating with PT of €1.83, upside 10%.  
• Last week we met with the CFO and IR of Uniphar to discuss the H1 results and business strategies and outlook. We continue to rate the stock as a Buy with PT €3.5 (29.4% upside) given the low valuation levels for this well run, steadily growing business, with a strong niche business model.