• Macro: Equity markets were mixed yesterday, with the S&P500 down -0.07%, whilst the Nasdaq was up +0.03%, as markets struggled to find direction. Europe’s Stoxx 600 index ended higher +0.41%. Economic releases out today, in the US MBA Mortgage Applications at 12:00, Wholesale Inventories at 15:00 and at 19:00 FOMC minutes may offer some insight into the future direction of interest rates. From central bankers, Lane, Guindos and Nagel from the ECB will be speaking.
• Stock: We have updates on Cairn Homes and PTSB. (see pages 2&3)
• Debt: Core bond yields rose following President Trump's further threats of high tariffs on copper and pharmaceuticals.

Opportunities this week:

• The recent dip in L'Oréal's share price, as well as the potential for more political stability in France, presents an opportunity for investors to add exposure to an attractive name at a discount. (BUY PT:€450)
• We held a meeting with senior management of Cairn Homes last Friday, following the release of the company’s interim results earlier in the week. (BUY PT: €2.08)
• Last week, we met with the CEO and CFO of Irish Continental Group to discuss H1 results, and group strategy and outlook more generally. We came away with confidence in the company’s steady growth prospects and operational efficiency focus (BUY PT: €6.20).