• Macro: Markets rebounded yesterday with European and US based indices all making gains, buoyed by optimism related to US earnings season. Regarding today’s economic news flow, a raft of PMI data is released this morning, with the Eurozone composite read at 9.00 expected to climb to 50.7 in April from just 50.3. The UK read at 9.30 is expected see a very modest deterioration to 52.6. Across the Atlantic, US PMI data is released at 14.45 where a modest deterioration is expected but the read is set to remain firmly in expansionary territory. At 15.00 US New Home Sales data is released and is expected to expand by 1.2% for March versus a modest contraction in the prior month.
• Stock: There is corporate news in relation to GSK and Volkswagen. (Comments Attached)
• Debt: Treasury yields moved lower to start the week yesterday

• Asset Allocation
• Focus Feature: Michael McGrath on Accwssion to the big job, nurturing domestic business and Sinn Fein .
• 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: The crucial role of alternative lenders in achieving Ireland's housing targets.

Opportunities this week:

• We are reiterating our BUY rating on Deere as we believe that near-term consensus earnings estimates for the company are too conservative and that the long-term tailwinds for the business are not reflected in its discounted valuation.
• Last week, we issued an updated research note on Grafton Group, reiterating our BUY rating with an unchanged price target of £11.50, which provides 24% for investors.
• Following the stock’s poor performance last week (-5.4%) and ahead of its Q3 numbers that will be released on 25th April (Thursday) we are highlighting our Buy recommendation on Microsoft.