Macro: US equity markets had a positive day yesterday with the S&P500 +0.55% and the Nasdaq +0.66%, as US and China agreed on a preliminary deal to implement their agreement reached in Geneva, but full details were not available. US negotiators expect issues around rare earth minerals and magnets to be resolved. Europe was flat on the day. Economic releases today in the US are MBA Mortgage Applications at 12:00 and at 13:30 all eyes will be on Core CPI for May that is expected to show slightly higher inflation in May. From the central bankers, Lane and Cipollone from the ECB are scheduled to speak today.

Stock: We have an update on IRES REIT. (Comment attached)

Debt: Core bond yields in Europe fell, led by a rally in the UK market following the weaker than expected UK Employment report.

• Asset Allocation
• Focus Feature: How to Navigate Bear Markets - With recessionary fears growing bigger, Leonardo Mazza, Junior Fund Manager, breaks down the business cycles that investors need to know in order to understand their current positioning
• Wealth Management: University Challenge - Michael Foley, Financial Advisor, outlines the cost of education in Ireland and suggests how parents can start to prepare at a very early stage
• 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: Choppy Waters for Real Estate - What Lies Beyond the Horizon? Central banks have raised interest rates with the hope of slowing inflation, but what does this mean for real estate? David Lawlor, Corporate Finance Director, considers the Q4 outlook and how Ireland's real estate market might fare.

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)..