• Macro: As the market continues to digest the on-going on-off tariff drama, with Trump signalling a temporary reprieve on consumer electronic tariffs, the markets were up slightly in the US, with the S&P 500 rising 79bps, and the Nasdaq +64bps. European markets performed better rising 2.69%. Later today we get final French CPI for March, German April ZEW Survey Expectations, EU Industrial Production, and the Irish trade balance. Then from the US we get the Empire State Manufacturing index for April and import prices for March.
• Stock: We have updates on LVMH’s Q1 sales figures and Ryanair’s announcement that it may have to delay deliveries of Boeing planes “if tariffs are imposed on the aircraft”.(Comment attached)
• Debt: Core bond yields moved lower in the US yesterday as the Fed’s Waller announced that he expects the inflationary impacts of tariffs to be temporary.

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).