• Equity Markets: Global equity markets declined yesterday as investors took a pause following a series of recent record highs. The S&P500 and the Nasdaq finished down -0.38% and -0.67% respectively. Europe was down -0.22%. In the US, five of the eleven sectors were in positive territory and 40% of stocks ended higher. Consumer Staples (+0.86%) and Utilities (+0.42%) were the best performers, whilst Consumer Discretionary (-1.43%) and Communication Services (-0.73%) were weakest. Oracle declined (-2.52%) following a report indicating that the company’s cloud computing profit margins are lower than previously expected. Tesla Inc. fell more than -4% after unveiling new versions of its best-selling models priced below $40,000. Flutter shares declined (-3.65%) after the New York Stock Exchange’s owner revealed plans to invest up to $2 billion in Polymarket, a cryptocurrency-based betting platform. In Europe, four of the eleven sectors were positive, with 40% of stocks ending higher. Consumer Staples (+0.67%) and Consumer Discretionary (+0.65%) were strongest, while IT (-0.80%) and Health Care (-0.54%) were weakest. LVMH rose (+3.63%), as Morgan Stanley upgraded the stock. 
• Macro: In the US, inflation expectations for the one-year outlook rose to 3.38% in September, up from 3.20% in August, according to the New York Fed’s survey of consumer expectations. In economic news out of Europe, this morning German Industrial Production MoM surprised to the downside coming in at -4.3% (-1.0% est.) versus 1.3% in the prior month. In the Ireland budget, Finance Minister Paschal Donohoe announced a reduction in the exit tax that applies to Irish and offshore funds and exchange traded funds from 41% to 38%. There was no change to the deemed disposal rule. A new exemption from the 1% Stamp Duty on the acquisition of shares in Irish-registered companies is being introduced for companies with a market capitalisation of less than €1 billion. No change in DIRT and Capital gains tax. For economic releases today, in Europe we have Eurozone CPI and, in the US, MBA Mortgage Applications and the September FOMC meeting minutes will be released. From central bank speakers we have the ECB’s Escriva, Muller and Elderson, whilst from the Fed we have Goolsbee, Barr and Kashkari. The BOE’s Pill will also be speaking.
• Stocks: IRES (Overweight PT €1.26 30% upside): Update on IRES, in relation to the Irish Budget. Cairn Homes: (Overweight PT €2.46 27% upside): Update on Cairn, in relation to the Irish Budget. Bank of Ireland (Overweight PT €14.80 upside 3.6%): Update relating to yesterday’s announcement from the UK’s Financial Conduct Authority and PT increase.
• Debt: Bond markets in Europe closed relatively unchanged yesterday with the eagerly watched Bund/OAT spread oscillating around the 86bps mark. 

Opportunities this week:

• Ahead of Kerry’s US investor day tomorrow, which should provide management with the opportunity to remind the market of the group’s positive momentum and growth trajectory, we are reiterating our BUY rating. (BUY PT: €106)
• This morning Shell issued its regular Q3 production update. (BUY PT £34)
• We held a constructive meeting with the management team for IRES REIT in our offices last week. (BUY PT: €1.18)