• Macro: US markets fell slightly yesterday with the S&P500 and the Nasdaq down slightly as China commenced an investigation into Nvidia (-2.55%) for potential anti-monopoly breaches and traders await Wednesday’s US CPI data, which is likely to influence the Fed’s December meeting outcome. Meanwhile, in Europe, the Stoxx 600 broad index had a positive day rising modestly. Oracle was weak overnight (-7%) following results that missed expectations in particular around its cloud business. Earlier this morning we had German CPI final data for November, which was 2.4% YoY as expected. Later this morning, we have Irish new vehicle licenses. In the US we have NFIB Small Business Optimism (Nov 94.5 est.) and final 3Q read for Nonfarm Productivity and Unit labour costs, with 2.2% and 1.3% increases expected. 
• Stock: Yesterday we visited Cairn Homes’s Seven Mills development in the Clonburris Strategic Development Zone in West Dublin. We came away from this meeting confident that management can continue to execute and efficiently monetize its land bank over the medium term. (Comment attached)
• Debt: Core bond yields moved higher in the US yesterday as we await US CPI data tomorrow.

Opportunities this week:

• The selloff in Kingspan’s shares over the past couple of weeks has the stock near the bottom end of its trading range over the past six months. As such, we view it as an attractive trading opportunity to add exposure to the name. (BUY PT:€96).
• We are upgrading our target price for PTSB to €2.30 (39.8% upside) from €1.83 following a positive reassessment of the bank’s expected relative performance versus the other Irish pillar banks.
• Last week we held a meeting with Supermarket Income REIT discussing its optimism on the direction of valuations, SUPR’s landmark voyage into France and improving investor appetite. (BUY PT: £0.88).