• Equity Markets: Equity markets had a positive day yesterday with the S&P500 +1.06% and the Nasdaq +1.35%, as earnings remain a positive driver with 85% of results in the US so far beating market estimates. European stocks climbed +1.02%.  In the US, nine sectors were in positive territory and 82% of stocks ended higher. Communication Services and Materials were best. Defensive areas such as Consumer Staples and Utilities were weakest. Netflix rose +3.3% ahead of its earnings release this evening, and Apple rose 3.9% on optimism about reported iPhone 17 sales versus the previous generation. In Europe, ten of eleven sectors were in positive territory, with IT and Industrials best, whilst Consumer Staples and Communication Services were weakest. French bank BNP Paribas fell -7.7% as a NY jury held it accountable for supporting the former ruler of Sudan Omar al-Bashir. Also, European defence stocks performed well (e.g. Renk +6.7%, Hensoldt +7.8%, Rheinmetall +5.9%, and Leonardo +4.3%) on contract win announcements and the potential reignition of hostilities in the Middle East and lack of a credible peace process for Ukraine
• Macro: In macro news yesterday, in Europe, Germany September PPI was -1.7% (vs -1.5% est. and -2.2% previously) and August’s EU Construction output was +0.1% YoY vs 0.7% previously. This morning UK Public Sector Net Borrowing was £20.2bn vs £20.8bn expected, and the prior reading was revised to £15.3bn from £17.7bn. In the US, there were no economic releases due to the government shutdown.Economic releases today are very light, but the main one is October’s US Philadelphia Fed Non-Manufacturing Activity index.  From the Central Bankers, today’s speakers include Escriva, Lane, Nagel, Kocher and Lagarde from the ECB. The Fed is in quiet period ahead of its October 29th meeting.  
• Stocks: Bank of Ireland (Overweight. PT €14.60 c. 12% upside): Details relating to estimates of costs for the UK motor finance redress scheme. Price target lowered from €14.80 to €14.60. Glanbia: (Overweight. PT €16.50: c. 13% upside): Commentary relating to the sale of SlimFast UK.
• Debt: The European bond markets were stable yesterday with price action very muted within tight ranges. 

• Asset Allocation
• Focus Feature: Economist Alan McQuaid takes a look into the state of the economy, both at home and abroad as we head into the second quarter of the year.
• Wealth Management: Michael Foley explores estate planning and the benefits of a bare trust.
• Analyst Conviction List: The investment case for our preferred names.
• The Fund Edit: Latest update on our range of investment funds, ETFs and trusts.
• Ethical Investing: Green Effects providing sustainable investment returns.
• Corporate Finance News: David Lawlor spotlights some of the key trends impacting global real estate investment following the MIPIM 2023 event, while Myles Dwyer takes a look at what’s driving growth at Farra Marine.

Opportunities this week:

• DCC PLC (Overweight PT: £70.70 Upside 50%): Recapping on stable Q1 results and reaffirming positive outlook for the company.
• ICG (Overweight PT: €6.50 Upside 12.8%): Reviewing strong H1 results and reaffirming overweight opportunity.
• Rio Tinto (Overweight PT: £55.90 Upside 20%): Looking back on management and organisation changes.