• Macro: It was a mostly weak day for equities across the board yesterday, as the S&P500 (-178bps) and the Nasdaq (-261bps) were both dragged down by AI related names following Marvell technology's disappointing forward guidance. The Eurostoxx600 ended broadly flat as commentary from the ECB was taken as hawkish. Later today, we have Q4 EU GDP, then out of the US we get Non-Farm Payrolls and the Unemployment rate. Today there are six Fed members including Chair Powel set to speak, as well as Lagarde and two others from the ECB.
• Stock: We have an update on FBD’s FY24 results. (Comment attached)
• Debt: Bond prices found some support ahead of Friday's Non-Farm Payroll report along with the ECB rate cut.

• 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:

• Given what appears to be an increasingly confident view from management on fares for summer 2025, and a potential fuel-cost tailwind, we believe it appropriate to reiterate our BUY rating on Ryanair. BUY PT: €23.70.
• This morning Irish Continental Group issued a mixed set of FY24 results, with revenue growth of 5.6%, EBITDA was flat and 1% below limited consensus and adjusted diluted EPS was also flat, 3% below consensus. BUY PT: €6.20.
• Following the release of FY earnings in early February and last week’s Investor Day we continue to rate PayPal as a BUY. PT: $102