Macro: Equity markets finished negative yesterday with the S&P500 -0.3% and the Nasdaq down -0.5%, as earlier gains buoyed by soft inflation data were negated by a slide in big tech and trade uncertainty. Europe was down -0.3%. Economic releases today include US Initial Jobless Claims, Continuing Claims, and US PPI at 13:30. From the central bankers, the ECB’s Schnabel, Guindos and Muller are due to speak today.

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

Debt: US yields declined on softer than expected CPI data and a solid 10-year auction. European yields were little changed despite better data from the ECB’s wage tracker.

• 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:

• On Thursday after the bell, L’Oreal issued a very reassuring set of Q1 sales figures. Following this encouraging update, we reiterate our OVERWEIGHT rating with an unchanged price target of €415.
• Over the past few weeks, there have been a number of company specific and macroeconomic developments that, in our view, should be viewed in a positive light for Grafton Group. OVERWEIGHT PT: £12.05
• Last week GSK secured favourable recommendations from the US CDC's Advisory Committee on Immunisation Practices (ACIP) for two key vaccines. OVERWEIGHT PT: £20.10.