• Macro: US markets fell yesterday with the S&P 500 and Nasdaq down -1.22% and -0.35%. Europe was lower with the Stoxx 600 broad index falling -2.14%. Later this morning, in Europe, we have France, Germany, Eurozone and UK PMI releases, as well as the Ireland unemployment rate for February. In the US, we get MBA Mortgage Applications and the ADP Employment change, followed by PMI figures, Factory Orders, Durable Goods Orders and ISM Services. The Fed will release it Beige book at 19:00. From Central Banks, Bailey, Pill, Greene and Taylor from the BOE will be speaking.
• Stock: We have updates on AIB, Irish Continental Group, Flutter, and our recent meeting with the Glanbia investor relations team. (Comment attached)
• Debt: Core bond yields were flat in Europe yesterday but spiked overnight following Germany’s plan to increase its defence expenditure.

Opportunities this week:

• This morning, Ryanair issued a solid set of results for the first half of FY25 in which second quarter operating profits declined by 2% YoY but beat consensus by 2%. (BUY PT: €19.50)
• Last week Grafton Group announced an acquisition in an attractive segment of the Spanish market and issued full year guidance ahead of consensus estimates. (BUY PT: £12.30)
• Last Wednesday, Microsoft reported its Q1 2025 results where it exceeded expectations with double-digit growth in revenue, operating profit, and EPS but reacted negatively to Q2 guidance. (BUY PT: $479)