• Macro: US markets were lower yesterday with the S&P 500 and the Nasdaq down 0.56% and 0.51% respectively. Europe also ended lower with the Stoxx 600 broad index falling 0.61%. Later today, in the US, we get 1Q GDP, Core PCE, Initial Jobless Claims, and Pending Home sales. The Fed’s Barkin, Goolsbee, Kugler and Daly are all speaking today. The BoE’s Bailey will also be speaking this evening.
• Stock: We have updates on GSK and LVMH. (Comment attached)
• Debt: Core bond yields moved slightly higher in the US yesterday driven by the risk-on environment following the positive Nvidia results and tariff news.

• 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:

• Last week we met with the CFO of FBD to discuss recent FY results and business outlook. We continue to rate the stock as a Buy with a PT of €16.10.
• Following our meeting with Kerry Group last week, in which we gained good insight on the company's outlook for the year ahead, we reiterate our BUY rating with an unchanged price target of €116.
• Last week we had a meeting with the management team of Supermarket Income REIT, in which they highlighted a number of positive catalysts likely to occur over the next twelve months. BUY PT: 88p.