• Macro: Equities started the week off lower yesterday, as the EuroStoxx600, S&P500 and the Nasdaq all finished in the red, with markets risk off ahead of the US presidential election. In economic data later today, we have UK Services PMI at 09:30, expected to remain unchanged from the prior read at 51.8 and in the US, we have Trade Balance figures out at 13:30, forecast to widen further, and ISM Services at 15:00, which is expected to decline.
• Stock: We have trading updates for AIB and Kingspan along with insights into a meeting held with members of Ryanair’s senior management in our offices yesterday. (Comment attached)
• Debt: Bond yields in the US fell yesterday as investors unwind some of their ‘Trump Trades’ in anticipation of a closer than expected election.

Opportunities this week:

• The recent dip in L'Oréal's share price, as well as the potential for more political stability in France, presents an opportunity for investors to add exposure to an attractive name at a discount. (BUY PT:€450)
• We held a meeting with senior management of Cairn Homes last Friday, following the release of the company’s interim results earlier in the week. (BUY PT: €2.08)
• Last week, we met with the CEO and CFO of Irish Continental Group to discuss H1 results, and group strategy and outlook more generally. We came away with confidence in the company’s steady growth prospects and operational efficiency focus (BUY PT: €6.20).