&lt;p style=&quot;text-align: justify;&quot;&gt;In a topsy-turvy world marked by high drama political events such as the recent French election, the turmoil in American politics and the promise of the new government in the UK, not to mention the spectacle of the Olympics, only one event really matters – the onset of the holiday season.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;My next-door neighbour, as she packed her bags, asked for a few book recommendations, which I had started to provide by text, but as that got overly lengthy, have written them down here instead (with apologies for the focus on finance and economics).&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Regular readers will know that in last week’s note I tackled American politics, and specifically JD Vance, and would recommend his book ‘Hillbily Elegy’ as a text that will help us better help us understand him, and America.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;As mentioned, if I were to recommend two books to him – as he ambitiously thinks of the vice presidency, I would highlight Chris Whipple’s ‘The Gatekeepers‘ which explains how seventeen chiefs of staff to American presidents have marshalled their leaders, as well as Robert Reich’s ‘Locked in the Cabinet’ which is a wonderful, humorous study of how power really works in Washington. Two other books on American politics have been recommended to me, and as I trust the judgment of the friends who have highlighted them I want to pass on ‘When the Clock Broke’ by John Ganz, and ‘An American Dreamer’ by David Finkel.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Sticking with politics, there are a few ‘tomes’ worth noting for the really serious aficionados’ Robert Caro’s books on Lyndon Johnson could take a long time to read, and Ron Chernow’s ‘Hamilton’, which I would class as a must-read. Crossing the Atlantic, in a more gossipy sense, I often recommend Chip Channon’s ‘Diaries’, and Alan Clark’s ‘Diaries’ is a more tawdry follow up. In a more modern setting, Rory Stewart’s ‘Politics on the Edge’ is decent.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;In my experience, the world of finance has been badly neglected by writers – fiction and non-fiction, and it might be that very few people with a literary bent are tempted by finance, and of course, fewer bankers can write well. There are a few exceptions – William Cohan (I enjoyed his book on Lazard, ‘The Last Tycoons’)), Michael Lewis (e.g. Liar’s Poker), Amor Towles – who spent most of his career in investment management but emerged sane enough to produce the exquisite ‘Gentleman in Moscow’, ‘Rules of Civility’ and his latest book, ‘Table for Two’; which I have bought and squirrelled away for later in August.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Another writer in this rarefied group is Irish writer Aifric Campbell, who worked in a very senior role in the City, and has produced a number of books – of which ‘The Lovemakers’ is a must read for anyone with an interest in understanding how AI driven robots will interact with humans.&lt;/p&gt;
&lt;p&gt;Some of the more interesting books on finance relate to deal making in corporate finance and private equity – ‘Barbarians at the Gate’ was perhaps the first blockbuster here, and my private equity friends have also flagged ‘King of Capital’ (David Carey and John Morris) which sketches the rise of Blackstone and the private equity industry.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Another asset class that is captivating is art, and here Don Thompson’s - The $12 Million Stuffed Shark - The Curious Economics of Contemporary Art’ is fun.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;There is a useful set of books that link the economy to changes in society, and vice versa and notable recent books here are ‘Finance and the Good Society’ by Robert Shiller, and ‘Ultra-Processed People’ by Chris van Tulleken. In this field, James Scott, a high accomplished social scientist, died last week and of the books of his I have read ‘Seeing Like a State’ is a very good illustration of the collision of state institutions with social complexity. A not unrelated and more entertaining take on this is William Newman’s ‘Things are so bad they can’t get worse’, the story of the institutional collapse of Venzuela.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Finally, I am stashing a few books away for the holidays, Yoko Tawada’s ‘Memoirs of a Polar Bear’, ‘Le Barman du Ritz’ by Philippe Colin, I have pre-ordered Marietje Schaake’s ‘The Tech Coup’ and for old times sake a few Agatha Christie novels. In addition, my wife tells me that Francois Mauriac recommends the biography of Leon Trotsky, which the Marxist society have helpfully &lt;a href=&quot;https://www.marxists.org/archive/trotsky/1930/mylife/index.htm&quot; target=&quot;_blank&quot;&gt;put online here&lt;/a&gt;.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Have a great week ahead,&lt;/p&gt;
&lt;p&gt;Mike&amp;nbsp;&lt;/p&gt;
&lt;p&gt;About the Author&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The opinions expressed in this article are solely those of the author and do not necessarily reflect the views or policies of Unio.&lt;/p&gt;

BooksSunday

&lt;p&gt;At this month’s Global Macro Council, the focus was on technology.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;We look at the current dynamics of the US earnings season and the long-term technological trends that could shape future investment strategies.&lt;/p&gt;
&lt;p&gt;check out our outlook below which, provides both a broad overview and specific insights into emerging opportunities, making it essential reading for investors aiming to stay informed in the ever-evolving market landscape.&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2024/07/UNIO-GMC-Outlook-July-2024.pdf&quot; target=&quot;_blank&quot;&gt;Read July&#39;s Global Macro Outlook in full.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;

The World of Tomorrow

&lt;p&gt;I have twice shared a stage with J.D. Vance, which at the time of writing puts me one ahead of Donald Trump. On both occasions, Vance’s book ‘Hillbilly Elegy’(I managed to get a signed copy, for my mother-in-law) was seen as offering people a glimpse as to why working class America was switching their traditional allegiance from the Democrats, towards what they perceived to be ‘system-smashing’ politicians like Donald Trump. Indeed, to my own reading, a large section of Irish-America has recently made this political journey.&lt;/p&gt;
&lt;p&gt;I thoroughly enjoyed Vance’s book, had widely recommended it, and would continue to do so. He has had a fascinating life, which I am sure will get ever more interesting. Somewhat ironically given the Trump political program, Vance’s success in life is testament to the role of institutions (US Marines and education (not unlike Barack Obama)) and in my view is an argument for greater government spending on education and more open access to elite education in the US.&lt;/p&gt;
&lt;p&gt;When I spoke (at two separate conferences) with him, my unkind thought was that he expressed himself better – more thoughtfully – in writing than in the spoken word. That seems to be changing, and Vance has clearly crafted an ability to provoke. Much has been made of his intellectual journey to the extreme right of American politics, something that has become the norm as the Republican party has become shattered by Trump (a contemporary of mine – an elite soldier and former governor – has also veered off to the extreme right). As a result, the press is full of speculation on Vance’s views on the dollar and Ukraine.&lt;/p&gt;
&lt;p&gt;Vance is in many respects the opposite of Trump in terms of his life story – he started poor, became a soldier, ‘pulled himself up’ through education and has now converted to Catholicism (thanks in part to the Dominicans). Trump had a privileged upbringing, disdains learning and the military (‘losers’), and could not possibly be more irreligious.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Curiously, the Catholic Church in America, which is much more conservative than that outside the US, appears to be attaching itself to the coattails of the Trump movement, a tactic that helps to explain why it is the largest, oldest institution the world has known.&lt;/p&gt;
&lt;p&gt;Vance may now reflect on the role of vice-president, and what this will mean for him. In general, it is a political graveyard, populated by token political players. That Kamala Harris has not carved out a serious role in American public life is testament to this. There are, however, two examples of very effective vice presidents – George W Bush, who was more like a prime minister to Ronald Reagan, and Joe Biden, whose experience and vast range of political relationships meant that Barack Obama was tethered to the political establishment.&lt;/p&gt;
&lt;p&gt;In this context, Vance, the critic of elites, is at an interesting point.&amp;nbsp;Since ‘Hillbilly’ was released, he has been mixing more with the American elite, in the technology, policy and venture capital worlds. If he enters the White House with Trump, he will come up against the full complexity of the American power machine.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Here I recommend Robert Reich’s excellent book ‘Locked in the Cabinet’. Reich, a professor of labour economics, was appointed Labor Secretary by Bill Clinton, and the book recounts how his optimism and idealism left him outmanoeuvred by those who ‘really ran the world’ (Robert Rubin).&lt;/p&gt;
&lt;p&gt;Another book that I know Vance has, is Chris Wipple’s ‘The GateKeepers’ which is. fascinating study of seventeen chiefs of staff to American presidents. Trump notoriously went through several chiefs of staff, but in many cases the chief of staff can be the most important player in an administration (Jimmy Baker is the most often cited example).&lt;/p&gt;
&lt;p&gt;So, for all the clamour around Vance, he might well – like Robert Reich – find himself sidelined by the team around Trump. With the European press over-obsessing about Vance, this is where the real risk lies. The first Trump presidency was chaotic. The second will come armed with a mission to transform America, potentially along the lines of the Heritage Foundation’s Project 2025’. I will devote more time to this, but in short it is an aggressive plan to re-make American government (politicised), society and the foreign policy. As a recent article in Foreign Affairs put it, this will be an ‘Imperial Presidency’, shorn of the constraints that have shaped American public life for the past two hundred years.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;To Europe, the US under Trump will look more like China – driven by a single, imperial leader, obsessed with the viability of domestic industry, slow to help allies and much more transactional in foreign policy, and will use financial policy in a more selfish way. Consistent with the end of globalization, there will no longer be an effort to transmit American values, a la George W Bush and Bill Clinton.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In short, it will be an America that few of us will recognise.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Have a great week ahead,&lt;/p&gt;
&lt;p&gt;Mike&amp;nbsp;&lt;/p&gt;
&lt;p&gt;About the Author&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;The opinions expressed in this article are solely those of the author and do not necessarily reflect the views or policies of Unio.&lt;/p&gt;

JD Goes to Washington

&lt;p&gt;Welcome to Unio&#39;s weekly summary of market and macro news.&lt;/p&gt;
&lt;p&gt;It was a positive week for financial markets with investors buoyed by US inflation data, which showed headline inflation falling to 3.0% and spurring a belief in a rate cut in September.&lt;/p&gt;
&lt;p&gt;Global equities rose 0.5% over the week with a greater dispersion in returns than what we have seen so far YTD. The Euro also gained strength against the Dollar on rate cut expectations, rising 0.8% over the week.&lt;/p&gt;
&lt;p&gt;Quarterly bank results, on the whole, were positive but net interest income fell for JP Morgan and Citi, despite the former posting record profits and the latter beating Wall Street estimates.&lt;/p&gt;
&lt;p&gt;This week, the big macro news will be the ECB interest rate call on the 18th whilst large-cap stocks such as UnitedHealth (16th), Johnson &amp;amp; Johnson (17th) and Netflix (18th) will post their quarterly performance.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Watch our investment brief for the week ahead:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/u6_bUNk29I8?showinfo=0&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more, speak with&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;your Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;

The Weekly View 16th July 2024

&lt;p style=&quot;text-align: justify;&quot;&gt;In last week’s note(s) I focused a lot on France, to the exclusion of mentioning other debates that are live around the world. One that preoccupies me is that of globalization – which for most readers will seem so esoteric and distant, that they may rightly care little about it.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Ireland is the case in point - it has been transformed by globalization, and to that extent its fortunes&amp;nbsp;may well be tied to what happens with globalization.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;It is in my view worth stopping to think about the direction of globalization – given the way it has shaped the past thirty years. I sense that as globalization crumbles, we are already starting to miss its notable characteristics – peace, low inflation and international prosperity.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Three things happened last week that have globalization, or its demise, back on my mind.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;First at the Rencontres Economiques, I had a row with a former German economic minister who claimed that a new wave of globalization was about to start. This claim seemed fanciful, not least that the German economy is cleaven between a reliance on China, a need to be better aligned with the US, a disastrous energy policy and a fascination with Russia that has still not been broken by the war in Ukraine.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Granted that globalization refers to a world that is interdependent and interconnected, it is wrong to hold that we live in a globalised world when dependencies are shifting (the US and Europe want to be much less dependent on China for instance) while the US and China barely have any political and policy connections, and are, in the minds of many, about to embark on war.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The second encounter that set me thinking about globalization was that I ran into Prof Barry Eichengreen, the international authority on foreign exchange, financial flows and who was passing through Europe on his way back to the US from India, where he had delivered a paper entitled ‘&lt;a href=&quot;https://urldefense.com/v3/__https:/www.ncaer.org/publication/globalization-and-growth-in-a-bipolar-world__;!!O22_8FOSssc!mQT5uAQxnOOQ2ej31alqTysUbCbkc9ZCgQyBqcNm8iQ8aajejr2M3JFd6_K8jq5gupFEGb-neZ4VlIWbu8wWn-ot$&quot; target=&quot;_blank&quot;&gt;Globalization and Growth in a bi-polar world’&lt;/a&gt;. Whilst I believe it impossible to enjoy globalization in the context of a world that is severely divided, I was much more careful to pick an argument this time, given Barry’s great mind.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;In the paper he charts how trade (relative to GDP) – one of the tenets of globalization – has faced severe headwinds but remains at high levels and has changed course somewhat (trade and investment flows have pushed out to countries like Mexico and Vietnam). Capital and financial flows have retraced even more, and the Eichengreen paper details China&#39;s efforts to deepen its financial markets and boost the use of its currency (though its political economy is a major obstacle to this).&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The Eichengreen paper, based largely on what we see in trade and capital flows, paints a picture of the contours of globalization as we have come to know it, as remaining in place. However, I would add to the argument other metrics of globalization – the flow of people, the flow of tourism and overseas education, the flow of ideas and of political and diplomatic discourse between nations. On many of these criteria, walls are going up, and it is impossible to speak of there being a consensus on one global system or way of doing things. Markedly, most of the institutions of the globalised world order (IMF, WHO, World Bank to name a few) are defunct.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;My argument is that globalization is not to be confused with the ongoing growth of trade, or the business cycle, it is a very specific form of interconnectedness of nations and regions that is breaking down. It started with the fall of communism, and mostly likely died with the snuffing out of Hong Kong’s democracy in 2020.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;This idea was part of a great discussion I had with Chris Watling of LongView Economics as part of &lt;a href=&quot;https://urldefense.com/v3/__https:/www.youtube.com/watch?v=eP7EugH_nWQ__;!!O22_8FOSssc!mQT5uAQxnOOQ2ej31alqTysUbCbkc9ZCgQyBqcNm8iQ8aajejr2M3JFd6_K8jq5gupFEGb-neZ4VlIWbu_X8xUYa$&quot; target=&quot;_blank&quot;&gt;their podcast&lt;/a&gt; series. LongView is perhaps the best independent markets and economics research firm, and one of the elements they tend to capture very well is the idea of (short and long-term) cycles of risk appetite in markets and economies. In that context, the idea that we are passing from one long-running economic ‘regime’ (globalization, to something else, was apt.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The Interregnum* will be a period of breaking (down the imbalances that have built up with globalisation such as climate damage and debt) and making (new world institutions and the integration of technology into economies and societies). It will be a noisy, chaotic process and its success is not yet a given.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;For the moment, the very least we should do is accept that globalization has passed and start to think about the future.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Have a great week.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;em&gt;*A period when normal government is suspended, especially between successive reigns or regimes. The interregnum was the period in English history from the execution of Charles I in 1649 to the Restoration of Charles II in 1660.&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;About the Author&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;The opinions expressed in this article are solely those of the author and do not necessarily reflect the views or policies of Unio.&lt;/p&gt;

Into the Interregnum

&lt;p&gt;Watch our post-election analysis of the UK and French elections, discussing the implications for Ireland and Europe.&lt;/p&gt;
&lt;p&gt;Don&#39;t miss this insightful discussion on the political shifts and their broader impact hosted by Kate Candon, Chief Marketing Officer at Unio in conversation with our guest speakers: Dr. Emmanuelle Schon-Quinlivan and Mike O&#39;Sullivan, Director and Strategic Adviser at Unio.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Watch here &lt;/strong&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/yjeN08szEYU?showinfo=0&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Thank you to our speakers: &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Dr. Emmanuelle Schon-Quinlivan&lt;/p&gt;
&lt;p&gt;Dr. Emmanuelle Schon-Quinlivan has been a lecturer in European politics at UCC since 2001. She was awarded a Jean Monnet Chair in 2021 and a Teacher Training grant in 2022. Dr. Schon-Quinlivan directs the UCC Hub in Active European Citizenship and led the &quot;My Big Friendly Guide to the European Union&quot; project. Educated at La Sorbonne, Sciences Po Paris, and Edinburgh University, her research focuses on European politics.&lt;/p&gt;
&lt;p&gt;Mike O&#39;Sullivan&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;

Changing of the Guard in the UK and France: Post-Election Analysis

&lt;p&gt;&lt;em&gt;Major changes to Ireland’s pension system are only months away. But the reforms could have negative consequences for those who have already amassed significant retirement savings, writes Wendy McKeown, Head of Financial Planning at Unio.&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;A new pension auto-enrolment system is due to come into effect in Ireland at the start of 2025. The system is designed to address the problem of declining and inadequate long-term retirement savings by ensuring employees automatically join the scheme.&lt;/p&gt;
&lt;p&gt;While the government has provided a good deal of information on how auto-enrolment will work, several details still need to be confirmed – and there is also some uncertainty around whether the systems needed to implement the scheme will be in place in time for the January 2025 deadline.&lt;/p&gt;
&lt;p&gt;Amid this uncertainty, early analysis carried out by Unio indicates that a number of high net worth (HNW) individuals may be at risk of falling victim to some unintended and potentially negative consequences of the new regime. At the moment, we are talking to our clients to explain what these issues could be and to discuss a variety of strategies that might need to be employed to avoid problems such as higher tax bills.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How the auto-enrolment regime will operate&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;According to legislation, that passed both Houses of the Oireachtas before the Dáil summer recess, around 800,000 employees, between the ages of 23 and 60, who earn at least €20,000 a year and who are not already members of a workplace pension, will be automatically enrolled in a new scheme from January 1, 2025.&lt;/p&gt;
&lt;p&gt;Both employees and employers will contribute a certain percentage of the employee’s gross income to the scheme. This percentage will gradually rise over the first 10 years of membership, from 1.5% each in years one to three to 6% each in year 10. Additional top-ups will be made by the state.&lt;/p&gt;
&lt;p&gt;Eligible employees will, at first, be opted into an auto-enrolment pension scheme for six months, after which they can choose to opt out if they wish. Anyone who does decide to opt out after the initial six-month period will be automatically re-enrolled two years later.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Potential impact on HNW individuals&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Auto-enrolment is being introduced to address the fact that aside from a potential State Pension entitlement, a large percentage of private-sector workers in Ireland currently have no other form of retirement savings. However, there appears to be a danger that a significant number of higher earners – specifically, those who have built up substantial pension pots already – could find themselves inadvertently included in the auto-enrolment system, which could have damaging implications for their finances.&lt;/p&gt;
&lt;p&gt;There is currently a €2 million limit on the total value of pension savings that can be accrued over a lifetime. Known as the Standard Fund Threshold (SFT), it was originally introduced in 2005, at a level of €5 million, but was reduced in 2010 in the wake of the financial crisis and again in 2014. Many people who have found themselves close to, or above, the SFT in recent years have decided to stop saving into a pension to avoid the punitive tax charge of an additional 40% that can be imposed as a result of exceeding the limit.&lt;/p&gt;
&lt;p&gt;However, if Revenue records indicate that someone is not currently part of a pension scheme, they are likely to be automatically enrolled at the start of 2025, and subsequently unable to leave the scheme for six months. During this period, and additional potential ‘opted in’ periods, the size of their lifetime pension savings may increase, potentially taking them past the €2 million SFT.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Avoiding tax charges and possible next steps&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The imminent introduction of auto-enrolment should prompt HNW individuals to examine their current pension status – whether they are still paying into a scheme or not – and check they are not at risk of being caught in a situation as described above. By working with a trusted adviser, you can assess if your current level of savings means you need to take the SFT into account. Equally, if you have stopped paying into a pension due to concerns around the SFT it could, in some circumstances, be worth restarting contributions at a very low level before the January 1, 2025, deadline to avoid being automatically enrolled against your wishes.&lt;/p&gt;
&lt;p&gt;It is possible that the rules around auto-enrolment could be amended in the months ahead, and even that the scheme – which was originally due to start in early 2025 – may face further delays. Similarly, there have been calls recently for the government to lift the €2 million SFT, which has been in place since 2014, to reflect rising living costs and life expectancy. This uncertainty means it is even more important to stay in contact with finance experts over the coming months.&lt;/p&gt;
&lt;p&gt;Read more:&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://www.gov.ie/en/press-release/ab617-historic-automatic-enrolment-legislation-passed-by-dail/&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;Historic Automatic Enrolment Legislation passed by Dáil, Department of Social Protection, 4 July 2024&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;

Auto-enrolment Pensions: How high earners could be caught in a tax trap.

&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCCPLLDNVA2REYVI4MH5IDEBELRE?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000uptA&quot; data-contentkey=&quot;MCCPLLDNVA2REYVI4MH5IDEBELRE&quot; data-cms-filename=&quot;All smiles Unio Harvest shot edit.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Pictured above L-R: Garry Cullen, Head of Private Clients at Harvest Financial Services; Kate Candon, Chief Marketing Officer at Unio: Terry Devitt, Chief Investment Officer at Harvest Financial Services; Gerry Devitt, Managing Director at Harvest Financial Services; Ian Brady, CEO, at Unio; Linda Harmon, Chief Operating Officer at Unio; Michael O&#39;Sullivan, Director and Strategic Adviser at Unio; and, Áine McGroarty, Chief Commercial Officer at Unio.&lt;/p&gt;
&lt;p&gt;Warm welcome to the team at Harvest who join Unio Wealth Management today 1st July.&lt;/p&gt;
&lt;p&gt;Today, we are thrilled to share that Harvest Financial Services has joined forces with Unio Wealth Management to create a powerhouse in wealth management. We welcome the brilliant team of advisers and experts from Harvest to Unio and together we are on a journey that promises to elevate the level of service and expertise we provide our valued clients.&lt;/p&gt;
&lt;p&gt;At Unio Wealth Management, we are on a mission to guide, guard and grow our clients’ wealth by providing unparalleled full financial life advice. And, by welcoming the team from Harvest, we are enhancing our capabilities allowing us to draw from a wealth of knowledge, experience, and innovative strategies to better serve our clients&#39; diverse needs.&lt;/p&gt;
&lt;p&gt;Thank you to our clients for your continued trust and support, we are excited about the future and are committed to maintaining the highest standards of excellence in everything we do.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Ian Brady, Chief Executive Officer at Unio commented: “I am delighted to welcome the Harvest team to Unio Wealth Management. With the combined knowledge of our growing firm, Harvest and Unio are well-positioned to embark on a new chapter of growth and innovation. We remain dedicated to our mission of guiding, guarding and growing our clients wealth and we are confident that the addition of Harvest will propel us towards achieving our vision.”&lt;/p&gt;
&lt;p&gt;Gerry Devitt, Managing Director, Harvest Financial Services: “It is great to see the business we created over 30 years ago enter a new and exciting phase with Unio Wealth Management. I am confident that the combined resources of the two businesses will deliver even better outcomes for our clients going forward. Onwards and upwards!”&lt;/p&gt;
&lt;p&gt;Commenting on this milestone Aine McGroarty, Chief Commercial Officer at Unio: “Integrating with Harvest brings not only growth across all our teams but also an exciting opportunity to leverage our collective expertise, driving unparalleled value for our clients. Together, we intend to make a significant and lasting impact on our clients’ lives and lead the evolution of wealth management.”&lt;/p&gt;
&lt;p&gt;Pictured below: The team at Harvest Financial Services.&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCJTUA27MNB5FKBILR7W3UIEBO5A?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio welcomes the team at Harvest Financial Services.&quot; data-fileid=&quot;20Y7Q000000upte&quot; data-contentkey=&quot;MCJTUA27MNB5FKBILR7W3UIEBO5A&quot; data-cms-filename=&quot;Unio welcomes Harvest team 1 01 07 2024.jpg&quot;&gt;&lt;/p&gt;

Warm welcome to the team at Harvest Financial Services

&lt;p&gt;Welcome to the Unio Weekly View for the week beginning 8th July 2024, our summary of markets and macro news.&lt;/p&gt;
&lt;p&gt;In summary:&lt;/p&gt;
&lt;p&gt;Earnings season kicks off this week with the main focus on the big banks and asset management companies. The 12th will be a busy day with JP Morgan, Wells Fargo and Citigroup all posting their Q2 results. With interest rates remaining high, it should result in positive net interest income for the banks, however on the flip side, the level of M&amp;amp;A activity and the revenue that flows from it may not be as high.&lt;/p&gt;
&lt;p&gt;On the macro side, in France, the recent snap election has resulted in a hung parliament while in the US, uncertainty around President Biden’s ability to run as the Democratic nominee grows.&lt;/p&gt;
&lt;p&gt;It&#39;s worth looking out for inflation data in both the US and China over the week. Chinese inflation data will be released on the 10th whilst CPI data in the US will be published on the 11th. The current headline and core inflation rates in the US are 3.3% and 3.4% respectively.&lt;/p&gt;
&lt;p&gt;Watch our investment brief: 📽 ⬇&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/2pdIHonRVNQ?showinfo=0&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more, speak with &lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;your Unio adviser&lt;/a&gt; or &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;

The Weekly View 08 07 2024

&lt;p&gt;There remain few winners in the French general election. The best that can be said is that there will not be a Rassemblement-led government during the Olympics. The risk now is of ongoing political uncertainty and friction, and in the context of a move towards the far-left (some of whose worst instincts encompass support for Hamas and 90% income tax rates), a confrontation with bond markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The takeaway of the election is that the Rassemblement has not triumphed. A number of factors have played a role here. In the past couple of weeks, tv and radio interviews have exposed the lack of real policy knowledge of Jordan Bardella (notably revealing his comments on the rights of bi-nationals), not to mention the incoherence of many of his RN colleagues.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In addition, tactical voting across the country has managed to limit the advance of the RN (who are now engaging in the familiar cry that ‘the election has been stolen’). Bear in mind that the RN won 37% of the votes but will have fewer seats than the far-left NFP group who garnered 27% of the vote, which shows the power of tactical voting but also should sound a warning ahead of the French presidential elections (2027).&amp;nbsp;&lt;/p&gt;
&lt;p&gt;There are several strands emerging. The first is that while Macron has avoided a RN majority, he has ushered it into the mainstream of French politics, crippled his own party and resurrected the far-left in France. He remains severely diminished in the sense that the majority of French people resent him, prior political allies from Edouard Philippe to Gabriel Attal are distancing him, and that political power will now pass to parliament.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Attention will now turns to the formation of a government. The French constitution doesn’t offer a clear guide here – it is set up to shape majority governments. There are perhaps three scenarios to bear in mind.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;A technocratic government of experts and well-regarded figures in public life. We are aware that the Elysee had been in touch with several eminent people prior to the second round. This scenario is a low probability one for the moment, at least until other possibilities are exhausted.&lt;/p&gt;
&lt;p&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;An NFP centred government, with ‘silent support’ of the centre. We think this would be difficult to achieve given the policy programme of the La France Insoumise in particular, and they would have to severely moderate this and give up the chance for Jean-Luc Melanchon to serve in government (everyone is against this).&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;-&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;A ‘grand coalition’ government of the centre, which is enabled by the breaking of the socialists with LFI to join Renew and possibly the Greens/Ecolos, and some of the right wing deputies. This ‘German’ style government could come close to a slim majority but would necessitate a break in the left wing coalition. The difficulty for Macron would be the role that Francois Hollande might play, the concessions he would need to give to the Greens and the choice of prime minister (maybe Raphael Glucksmann?). Glucksmann, an MEP, is one of the relative winners of the campaign, along with the soon to be former prime minister Gabriel Attal.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;What’s next? Gabriel Attal is expected to submit his resignation, though it is unclear if Macron will accept it for now (he has the NATO summit this week), and we suspect that this government could be kept in place till after the Olympics, with a lot of manoeuvring going on at the same time. The leader of the Assemblée will be selected on the 18th July, and then September looms in terms of a budget.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Economically, a new government could be less coherent, less experienced (Bruno Le Maire was in place for seven years) and will want to spend more, with a possibility (esp if the NFP is involved) that it will be instinctively less friendly to investment and capital markets. As such, France is up against the limits of fiscal space, and the risk of a run in with the bond market is high.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Summary: This was a very costly move by Macron. France and its parliament is divided, the far-left is in a powerful position in parliament, the far-right has garnered 37% of the vote and there are growing financial risks to the political outlook in France. Macron as a political force is finished.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;About the Author&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt;&amp;nbsp;or &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;The opinions expressed in this article are solely those of the author and do not necessarily reflect the views or policies of Unio.&lt;/p&gt;

France – Germany without the money

&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;em&gt;This article was written by Mike O&#39;Sullivan, Director and Strategic Adviser at Unio and appears in &lt;/em&gt;&lt;a href=&quot;https://www.irishtimes.com/opinion/2024/07/03/the-demise-of-macron-as-a-political-force-will-be-felt-across-europe/&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;&lt;em&gt;The Irish Times&lt;/em&gt;&lt;/strong&gt;&lt;/a&gt;&lt;em&gt; today ahead of the second round in the French election.&lt;/em&gt;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Events in France point to a more chaotic future, and Ireland must build its defence and security infrastructure amid growing challenges&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Next weekend, France faces into the second round of its unexpected, dramatic general election, with a number of grave risks on the political and economic horizons. There will be implications for Europe, and Ireland.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;In a ‘year of elections’ globally, France has suddenly become the source of political drama as Emmanuel Macron’s plan to throw a ‘grenade’ into the political arena has backfired badly. His hope was to recompose the centre of French politics but instead he has evacuated it. Amidst a large first round turnout, he has now re-energised the far-left, which is building a rancorous coalition with other left-wing parties, and at the same time, ushered the far-right to the antechamber of government. For the second time, Macron has remade the French political system.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;This is an election that very few French people wanted, and the timing of it, with the holiday season and Olympics, could not have been more divisive. With the first round results manifestly favouring the Rassemblement National, Macron is the main loser and ‘Macronism’ (big speeches and big ideas) is very likely over.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Two broad scenarios are now forming. One is of a minority Rassemblement National (RN) led government, aided by various members of the right (mostly former Republicans). The centre and far-left parties are now engaging in&amp;nbsp;a&amp;nbsp;loose voting arrangement to try to limit the seats that the Rassemblement wins. The other, given the obvious lack of durability of a far-left anchored coalition, is some form of techno-cratic government. Both scenarios are laden with the risk of constitutional crisis and the potential for political unrest and strikes.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;At a time when Labour looks likely to bring a steady, boring calm to British politics, it seems that the contagion of political chaos has passed to Paris, and neither of the&amp;nbsp;above two&amp;nbsp;scenarios is likely to result in an orderly Assembly. The far left and far right are very hostile to each other, and neither would have patience for true technocrats, a feeling that is likely reciprocated. In that context, it is hard to imagine any meaningful policies being enacted in France in the next year, and to a large extent the 2027 presidential race has kicked off.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Macron has done something unusual for a French president in that he has, possibly like David Cameron and his successors in the Tory party, done harm to his country. In the eyes of many his decision to call an election has opened up a series of tail-risks for France and Europe, and this is where the implications for Ireland lie.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;France, like the UK, has a debt to GDP ratio that, apart from the period around the world wars, hasn’t been as elevated since the aftermath of the Napoleonic Wars. This, and a large deficit, create the conditions for a financial accident and a more difficult relationship with Brussels. Both the RN and the Nouveau Front Populaire have deep seated antipathies to the Anglophone commercial and financial world, and neither has a good relationship with the European policy ‘centre’, that would enable them to work easily with the EU and its institutions.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;As such, there is a higher risk of financial stress in the euro-zone, though likely not a full-blown crisis. In this context a far-right led government may opt to put fiscal policy on ‘auto-pilot’ and focus much more intently on the issues of identity, immigration and security, which itself would be contentious.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The likely demise of Emmanuel Macron as a political force will be felt across Europe. He has been the motivating force behind the idea of ‘strategic autonomy’ and has provoked the security debate with comments like ‘NATO is brain dead’. His&amp;nbsp;diminished&amp;nbsp;standing will make the EU/NATO security outlook less coherent, especially so if he sits atop a Rassemblement government. Additionally, the centre of European political power may now move towards countries like Poland, with Italy and Greece also likely to become more influential. Of particular concern is the scope for relations with Germany to suffer if there is a Rassemblement&amp;nbsp;government.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;There are perhaps two more lessons for Ireland. The first is that we have one of the best democratic systems in the world, even if that is not always accurately reflected in public discourse. The lesson is that democracies need to be nurtured and protected, and the incivility that has crept into public life is a negative development.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The second is that Ireland is increasingly suffering the problems that have bedeviled France for some time – an inability to absorb large numbers of immigrants, the demands of an intensely dangerous international security environment and the allure of populism, and these need to be addressed in a structured way, with clear political vision.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Ireland as a state is still set up for a globalized world, but as deglobalization sets in these negative trends will intensify. In that regard it is wiser to regard events in France as a harbinger, or warning for the future, as opposed to an outlier. The aim then is to start to build infrastructure – defence and security is one example – that will mean Ireland has the resilience to meet the growing challenges that a more chaotic world throws at it.&lt;/p&gt;
&lt;p&gt;&lt;em&gt;Mike O’Sullivan is the co-author of ‘L’Accord du Peuple’ (Calmann-Levy) with Pierre-Charles Pradier, and a speaker at the Rencontres Économiques in Aix-en-Provence this weekend.&amp;nbsp;&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Author&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more, &lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt; or &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;The opinions expressed in this article are solely those of the author and do not necessarily reflect the views or policies of Unio.&lt;/p&gt;

The demise of Macron as a political force will be felt across Europe

&lt;p&gt;It is holiday season in France, and not wanting to ‘stick out’, we have headed down to Aix-en-Provence for a long weekend. But, it’s not all fun and games, as there is the excellent ‘Rencontres Économiques’ to attend. The Rencontres is where the French establishment come to discuss the state of the political economic world, in the sun (think of it as Roland Garros for economists). For their troubles, the French have to listen to me preach to them on democracy, which is timely to say the least.&lt;/p&gt;
&lt;p&gt;The weather was too good and the company so interesting to define that the event possibly marked the ‘fin de regime’, but with the second round of the election happening on Sunday 7th, the mood is all about ‘rupture’, ‘crise’ ‘extreme’, and it is hard to believe that there can be a positive scenario for France in the next year or so.&lt;/p&gt;
&lt;p&gt;In this week’s &lt;a href=&quot;https://www.irishtimes.com/opinion/2024/07/03/the-demise-of-macron-as-a-political-force-will-be-felt-across-europe/&quot; target=&quot;_blank&quot;&gt;Irish Times&lt;/a&gt;, I wrote on the implications for Europe of Emmanuel Macron’s demise. I believe that he is finished as a political force, and the implications of this will ripple across Europe.&lt;/p&gt;
&lt;p&gt;Macron as a ‘lame duck’ will no longer carry as much sway as he did in Europe, and from the point of view of countries like the US, may no longer be regarded as the prime mover in EU politics – in that respect Tusk, von der Leyen, Kallas and Meloni are relative winners. The other risk is that Germany in particular finds it hard to cooperate with a RN led government if that transpires, and this will also change the dynamic in EU politics.&lt;/p&gt;
&lt;p&gt;Domestically, Macron has twice remade the French political landscape, first creating and energising (but not rooting) a new centre, and then recently, destroying that centre. France now faces an illiberal form of democracy, perched on the very unstable pillars of the far-left and far-right.&lt;/p&gt;
&lt;p&gt;The upshot is that the Rassemblement National will be the largest party in the Assemblée, menacingly close to a majority, and now part of the political establishment. On the other side, stepping over the bodies of the few remaining members of the parties of the centre, is an inchoate far-left grouping, with few realistic ideas as to how to improve France’s economy or mend its society.&lt;/p&gt;
&lt;p&gt;As such, the likely outcome of this Sunday’s election is a technocratic government in the context of a constitutional crisis. In recent times, France has had three cohabitations (Mitterand-Chirac, Mitterand-Balladur, Chirac-Jospin) but never had to assemble a technocratic government, in the same way that Italy has managed for example. French media is now increasingly featuring constitutional experts opining on how the constitution might steer the formation of a technocratic government, and in some cases, also speaking on the future of the president in the context of this unprecedented political crisis.&lt;/p&gt;
&lt;p&gt;The French constitution was never designed with this kind of exercise in mind, it was crafted to form majority governments. Therefore, forming a caretaker technocratic government is an experiment and I suspect that there will be a lot of behind the scenes debate as to who might be best to lead such a government – if that is to be the case.&lt;/p&gt;
&lt;p&gt;Formally, the process is led by the president, but with Macron damaged by the detonation of his own political grenade, this now becomes more complicated. Indeed, it will be interesting to see how he can recover from this. France has a difficult year ahead, a constitutional crisis likely punctuated by unrest and the risk of an economic shock.&lt;/p&gt;
&lt;p&gt;With a sense of calm and normalcy now finally returning to the UK on this momentous weekend, there is a sense that Macron has caught the ‘contagion of chaos’. He has made an ill-considered decision, in the manner of David Cameron or Rishi Sunak.&lt;/p&gt;
&lt;p&gt;If France is having its ‘fin de siècle’ moment (Aix is the best place to experience this!) then the UK is turning the page. Thursday’s momentous election has swept the Tories out of power, led to a recovery in the Lib Dem vote, sanctioned the Scottish Nationalists and the unionists in Northern Ireland. A major positive was a rise in the number of female MPs (41% of parliament). While Labour only received a third of the vote, Keir Starmer has a huge stock of political capital in parliament.&lt;/p&gt;
&lt;p&gt;Like many others, I have caricatured him as steady and boring. My sense is that Labour will remain so for the foreseeable future, until they are familiar with the levers of power.&lt;/p&gt;
&lt;p&gt;The striking, first task of Keir Starmer will be the NATO summit (July 9-11) where I expect that he will re-affirm the UK’s commitment to its existing military-security goals, especially on Ukraine (compared to the Tories, the one area that may change is Israel/Palestine where there will be more emphasis from Starmer on finding a negotiated peace). Notably Starmer will have the luxury of being the most popular of the major NATO country leaders, and one with a fresh start. From a foreign policy point of view, we expect him to stress better relations with the EU and Ireland specifically, but it is far too early to expect any initiative on trade. I also expect that the tenor of early policy announcements will be focused on the reform of ‘public life’ (House of Lords, corruption).&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;If he is really daring, he might visit France.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;You may be interested in our webinar: Changing of the Guard in the UK and France - Implications for Ireland, Wednesday, July 10th at 11am.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;a href=&quot;https://register.gotowebinar.com/register/1340793297587056725&quot; target=&quot;_blank&quot;&gt;Register here&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;About the Author&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt;&amp;nbsp;or &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;The opinions expressed in this article are solely those of the author and do not necessarily reflect the views or policies of Unio.&lt;/p&gt;

Contagion of Chaos

&lt;p&gt;The political landscape is shifting dramatically, with the Conservatives ousted from office in the UK, potential changes looming in France and, the latest developments in the US Presidential campaign. Mike O&#39;Sullivan, Director and Strategic Adviser at Unio joined Newstalk&#39;s Joe Lynam to discuss events of the week in politics, business and markets.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://open.spotify.com/episode/2n1hOLn4Ts4ZctY0yAKusP?si=vL0DFHcASq2l92tv6X5ADg&quot; target=&quot;_blank&quot;&gt;Listen📻 here &lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch&lt;/a&gt;.&lt;/p&gt;

What do the latest political changes mean for global economies?

&lt;p&gt;&lt;strong&gt;This webinar is no longer open to registrations. You may view the webinar in full via the following link: &lt;/strong&gt;&lt;a href=&quot;https://unio.ie/insights/changing-of-the-guard-in-the-uk-and-france-post-election-analysis&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;View here&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Overview&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Join us for a post-election analysis on the UK and French elections, discussing the implications for Ireland and Europe. Don&#39;t miss this insightful discussion on the political shifts and their broader impact.&lt;/p&gt;
&lt;p&gt;Hosted by Kate Candon, Chief Marketing Officer at Unio in conversation with our guest speakers : Dr. Emmanuelle Schon-Quinlivan and Mike O&#39;Sullivan, Director and Strategic Adviser at Unio.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Joining Instructions&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Date: Wednesday, 10 July, 2024&lt;/p&gt;
&lt;p&gt;Time: 11:00 to 11:30 am&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;REGISTER HERE&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About our speakers&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Dr. Emmanuelle Schon-Quinlivan&lt;/p&gt;
&lt;p&gt;Dr. Emmanuelle Schon-Quinlivan has been a lecturer in European politics at UCC since 2001. She was awarded a Jean Monnet Chair in 2021 and a Teacher Training grant in 2022. Dr. Schon-Quinlivan directs the UCC Hub in Active European Citizenship and led the &quot;My Big Friendly Guide to the European Union&quot; project. Educated at La Sorbonne, Sciences Po Paris, and Edinburgh University, her research focuses on European politics.&lt;/p&gt;
&lt;p&gt;Mike O&#39;Sullivan&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&lt;/p&gt;

Changing of the Guard in the UK and France: Implications for Ireland

&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;As I stepped out on the street in Kreuzberg (Berlin) on Monday, all was calm, with little to worry about, save the choice of the excellent local food, loud music, beer and football (the Dutch invasion was just starting ahead of Tuesday’s match against Austria). Kreuzberg, was of course, once on the frontier of West Berlin, looking across to East Berlin and will have featured in the high stakes espionage between the West and East (notably so when Markus Wolf ran the Stasi).&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Having once run into Mr Wolf, I was pondering what Berlin was like at the time, and we should not be surprised that it is still regarded as ‘the city of spies’, and that it continues to feature in espionage literature.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Given that context, it was no surprise to learn that Germany continues to be targeted by foreign spies. Over a week ago, German Interior minister Nancy Faeser launched the annual threat assessment of the German domestic intelligence service – which pinpoints Russia as well as China and Iran as the authors of multi-faceted attacks (disinformation, cyber attacks, manipulation of people flows and racial tensions) on Germany, not to mention a recent spate of assassination attempts in Germany by Russia.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Of great concern is the range of threats to Germany (the same is true in most other countries), from Russian operatives defenestrating enemies of Moscow, to plots to overthrow the German state by the far-right to Islamic terror (there are over 27000 known radicalised Islamists in Germany, and the threat of Islamic terror has been growing since the October 7 attack).&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The tactics that the enemies of Europe (and democracy) are deploying are likely very different to those crafted by the likes of Markus Wolf. Espionage during the Cold War was motivated by a need for information, with plenty of proxy battles for influence taking place around the rest of the world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Today, the aim seems to be outright destabilisation and provocation – from the multiple attacks on arms production facilities across Europe to an epidemic of coups d’état across Africa, to the waves of disinformation on our social media. There is also the impression that the US is being tied down in multiple conflicts around the world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The issue then, is what the EU and its member countries need to do.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The first is to confront the problem and bring it into the open. Nancy Faeser’s report is just one of a growing number from security services across Europe – in May the head of Britain’s GCHQ outlined a similar, urgent threat landscape. The second will be for governments to give security services larger budgets, and potentially, to allow them a more flexible modus operandi.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The new development relates to the new EU commission. Following last week’s meeting of heads of state, it now looks likely that Ursula von der Leyen will continue as president – and with Katja Kallas as foreign representative, the tone of the next commission will tilt from ‘Green Deal’ to ‘security’ and ‘strategic autonomy’. Defence infrastructure and innovation will become a key trend in the private investment (private equity and venture). Von der Leyen has already flagged that enormous amounts of capital will be required to support this, and given the failure of the EU to build out its capital markets union (CMU) this will be an immense challenge.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;One element that might help, a little, is von der Leyen’s proposal to create an EU defence commissioner. If it does happen, it will run into two of the common problems that beset bright ideas in Brussels.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;First the role of defence commissioner will need to be based on the reallocation of powers from other commissioners – some defence innovation and military logistics responsibilities from Thierry Breton’s department, transport and infrastructure from the Transport commissioner (Valean) and various other responsibilities from the foreign representative.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The second issue is that it might take some power from national defence ministries, but there is also a strong argument that they need to be better coordinated.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In that sense the new EU defence commissioner might reflect changes that John Healey (currently the shadow defence minister in the UK) wants to usher in – an office for value for money in the Ministry of Defence and a restructured defence command. The EU defence commissioner might also start by coordinating the purchase and use of heavy duty equipment, such as large transport aircraft, and driving the integrated use of new technologies across countries. Another potential task is to find means of better coordinating European security agencies and militaries, so that their collective, offensive capability becomes stronger.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;It is a depressing, though necessary use of resources, and a sad sign of our times.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Author&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit&amp;nbsp;Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice.&amp;nbsp;If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://urldefense.com/v3/__http:/uniofinancialservicesltd.newsweaver.com/sodvwdkei0/lbhlyi9c77v151dy77l1u4/external?email=true&amp;amp;a=5&amp;amp;p=64443015&amp;amp;t=31915503__;!!GIL_j7ndwvA!Dl6WHPkYbVBPT1bFb5mk2sFM9ynJvDqyozyeviD7FZN7KxOG_FKcjhs01l9R1A-lGRHtDeWA-BUdAb9WW3hmEY5G$&quot; target=&quot;_blank&quot;&gt;speak with your&amp;nbsp;Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://urldefense.com/v3/__http:/uniofinancialservicesltd.newsweaver.com/sodvwdkei0/15lmkkt7r2o151dy77l1u4/external?email=true&amp;amp;a=5&amp;amp;p=64443015&amp;amp;t=31915503__;!!GIL_j7ndwvA!Dl6WHPkYbVBPT1bFb5mk2sFM9ynJvDqyozyeviD7FZN7KxOG_FKcjhs01l9R1A-lGRHtDeWA-BUdAb9WW0Xr-R1V$&quot; target=&quot;_blank&quot;&gt;get in touch&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;The opinions expressed in this article are solely those of the author and do not necessarily reflect the views or policies of Unio.&lt;/p&gt;

From Cold War To Total War

&lt;p&gt;Welcome to the Unio Weekly View for the week beginning 01 July 20204, our summary of markets and macro news.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;View our full investment brief ⬇📽&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/0YxbpMAAEkM?showinfo=0&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;br&gt;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;In summary:&lt;/p&gt;
&lt;p&gt;All eyes are on the UK this week as the general election takes place on the 4th. The Labour Party holds a commanding lead in the polls with c.42% in favour of a Keir Starmer government.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In the US, the Federal Open Market Committee (FOMC) minutes for the month of May will be released on the 3rd. The minutes should give some insight into policy officials thinking on when the first rate cut will come.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;It was a disappointing week across global financial markets. In the equities space, the MSCI World fell 0.2% with the US down 0.3%, Europe down 0.7% and the UK down 1.1%. The latter two regions have seen a sell off in part due to the systemic risks coming from elections in England and France.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The same concerned reaction came in fixed income markets as all major countries saw a rise in their 10 year yields, both Italy and the US up 0.12% each. A continued rise in oil prices, up 1.4% over the week, after strong monthly gains, may well put pressure on headline inflation data released later this month.&lt;/p&gt;
&lt;p&gt;At Unio, we are on a mission to guide, guard and grow our clients&#39; wealth by providing unparalleled full financial life advice.&amp;nbsp;If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://urldefense.com/v3/__http:/uniofinancialservicesltd.newsweaver.com/sodvwdkei0/lbhlyi9c77v151dy77l1u4/external?email=true&amp;amp;a=5&amp;amp;p=64443015&amp;amp;t=31915503__;!!GIL_j7ndwvA!Dl6WHPkYbVBPT1bFb5mk2sFM9ynJvDqyozyeviD7FZN7KxOG_FKcjhs01l9R1A-lGRHtDeWA-BUdAb9WW3hmEY5G$&quot; target=&quot;_blank&quot;&gt;speak with your&amp;nbsp;Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://urldefense.com/v3/__http:/uniofinancialservicesltd.newsweaver.com/sodvwdkei0/15lmkkt7r2o151dy77l1u4/external?email=true&amp;amp;a=5&amp;amp;p=64443015&amp;amp;t=31915503__;!!GIL_j7ndwvA!Dl6WHPkYbVBPT1bFb5mk2sFM9ynJvDqyozyeviD7FZN7KxOG_FKcjhs01l9R1A-lGRHtDeWA-BUdAb9WW0Xr-R1V$&quot; target=&quot;_blank&quot;&gt;get in touch&lt;/a&gt;.&lt;/p&gt;

The Unio Weekly View 01 07 2024

&lt;p&gt;Rishi Sunak’s sodden, tragi-comic, and surprise announcement of a UK general election was an amusing episode in a so far uneventful ‘year of democracy’.&lt;/p&gt;
&lt;p&gt;The announcement was a boon to headline writers, who had fun with phrases like ‘Drowning St’. My attention was piqued by the background music ‘things can only get better’ (D:Ream), which added to the farce, but which British political aficionados will recognise as the song that was also used by Tony Blair’s New Labour party in their 1997 election campaign.&lt;/p&gt;
&lt;p&gt;At the time, I was finishing my studies and happened to be in London on the day of the election, and vividly recall walking past Downing St, where the sense of a new era was palpable. Today, the challenge for Keir Starmer is whether he can spura new era of growth and renewal in the UK, or whether his party simply turns out to be ‘not the Tories’.&lt;/p&gt;
&lt;p&gt;In the late 1990’s, Blair’s government, bolstered by a very strong front bench, had spent a long time preparing for government, and once in power made a series of dramatic policy moves (see our recent note ‘Does debt smother politics?). By comparison, the most important question for the July 4th election – with the Tories 21 points behind Labour in the polls and destined to be wiped out (some 100 sitting MP’s, mostly Tories, will not stand this time) is, how ready are Labour?&lt;/p&gt;
&lt;p&gt;Whilst the election announcement has taken many Tory MPs by surprise, my sense is that Labour would also have much preferred a November election – they still must find candidates for over 80 seats and faces a few awkward spots such as Islington North where Jeremy Corbyn will stand as an independent. Indeed, the fact that both the Tories and Labour are logistically unprepared for a July election might benefit the Liberal Democrats, which opens up a small chance of a coalition government (importantly electoral reform would be the price of this).&lt;/p&gt;
&lt;p&gt;To date, Keir Starmer’s Labour has given relatively few details on its program, partly to allow space for the Tories to slip up and partly not to skew the debate on the outlook for the economy. This will be Labour’s greatest challenge.&lt;/p&gt;
&lt;p&gt;When Blair came to power in 1997 the British economy was bigger than that of China and India together, the world was under the steam of globalization and debt to GDP in the UK was close to 40%. Today, China regards Britain as a ‘little island’ (nothing wrong with little islands!), globalization has come asunder and debt to GDP is 100%.&lt;/p&gt;
&lt;p&gt;I suspect that if there are early, dramatic wins for Starmer, they will be in tax (cutting back exemptions for the wealthy and potentially a wealth tax), corruption (standards in public life), and institutional reform (end of the House of Lords?).&lt;/p&gt;
&lt;p&gt;Revitalising the economy will take longer, notably because Labour will initially stick to the UK’s fiscal rules and take pains to avoid any early volatility in the pound and gilt markets. In order to enact its plans for technology and ‘green energy’ investment Labour will most likely have to create partnership with international institutional investors.&lt;/p&gt;
&lt;p&gt;Outside of these areas it is not clear to me how Labour can immediately reverse the damage done to educational, social services (NHS) and the fabric of small towns and cities, exacted by the Tories. It will require a level of imagination, funding and policy continuity not seen in British politics for decades.&lt;/p&gt;
&lt;p&gt;In foreign policy, Labour’s approach will be a much less contentious one – relations with Ireland (which have deteriorated since Johnson) will be much warmer, and the approach to the EU will most likely be less confrontational and more collaborative. Whilst David Lammy (shadow foreign secretary) has spent a decent amount of time in the US, courting Republicans and Democrats, the scenario of a Trump presidency and a Labour government is a high probability one, but a configuration that would stretch the notion of a ‘special relationship’.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In defence I expect little headline level changes to Britain’s commitments, but the shadow defence minister John Healey will likely re-organise the military command and HQ, and importantly spend a good deal of time reorganising defence investment and procurement so that it gives ‘value for money’.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In the next few weeks, Labour faces twin, urgent challenges – mobilising the party across the UK, focusing on making inroads in the south and Scotland, and then preparing for government in the context of a gargantuan challenge.&lt;/p&gt;
&lt;p&gt;The good news is that the summer holidays start just after the election which I suspect will mean that the effective policy launch of the new government will kick off in September.&lt;/p&gt;
&lt;p&gt;Have a great week ahead,&lt;/p&gt;
&lt;p&gt;Mike&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The Sunday View is written by Mike O&#39; Sullivan.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;About Mike O&#39;Sullivan&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;Author of &quot;The Levelling - What Next After Globalisation&quot;, Mike O&#39;Sullivan chairs the Unio Global Macro Council, the Unio Investment Committee, and is a director at Unio. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth and is an expert in European financial policy working with a number of European fintech firms.&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this environment. If you want to learn more, speak with your Unio adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The opinions expressed in this article are solely those of the author and do not necessarily reflect the views or policies of Unio.&lt;/p&gt;

The Sunday View: Is Labour ready?

&lt;p&gt;Welcome to the Unio Weekly View for the week beginning 24 June 2024, our summary of markets and macro news.&lt;/p&gt;
&lt;p&gt;View our full investment brief ⬇📽&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/HXap7ni21mc?showinfo=0&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;In a year dominated by global elections, attention shifts to the US Presidential election.&lt;/p&gt;
&lt;p&gt;On the 27th at 21:00 ET, Presidents Joe Biden and Donald Trump will face off in their first debate in Atlanta, Georgia.&lt;/p&gt;
&lt;p&gt;It&#39;s becoming clear that investors are looking to see a unified government (congress &amp;amp; executive branch) in the control of either party. Whilst polling data does not reflect guaranteed asset class performance, it does indicate the current mood of investors in relation to the potential impact of the November election. See chart below.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC54OBWXXW4JCV5GKLFDE42MXTXE?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Chart showing the potential impact of different US election outcomes on major asset classes.&quot; data-fileid=&quot;20Y7Q000000upsg&quot; data-contentkey=&quot;MC54OBWXXW4JCV5GKLFDE42MXTXE&quot; data-cms-filename=&quot;chart of week 24062024.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or get in touch here: &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;https://unio.ie/contact&lt;/a&gt;.&lt;/p&gt;

The Unio Weekly View 24.06.2024

&lt;p style=&quot;text-align: justify;&quot;&gt;It is an understatement to say that the weekend of the 5th July will be a watershed for democracy and politics on both sides of the Channel. It seems that for once since Brexit, Labour might bring a dull calm to British public life, whilst the contagion of political chaos has spread to Paris.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;But, as Britain moves left politically and France appears ready to shift rightwards, there is more at stake than politics. Both economies are burdened with huge debt loads, and the ways in which politicians navigate these will determine the geo-economic future of these two UN security council members, and serve as a lesson to other indebted nations.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The economic cases of Britain and France are worthy of attention in at least two respects. The first is their long, often shared economic history. This is the third time that debt levels in both countries have spiked to extreme levels – ominously the previous episodes were the aftermath of the world wars and the period after the Napoleonic Wars. Then, the actions, principally of Pitt the Younger in reforming the economy and financial system meant Britain leapt ahead of France as the power of the 19th century.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The second is that unlike other high debt economies such as the USA, the French and British economies are barely growing, and appear to have lost the means to do so. Neither do they enjoy the exorbitant privilege that the dollar permits. To that end, the high debt challenge posed to London and Paris is a precarious one, with broad implications. At this stage, at least three of those are clear.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The first of these relates to the ways in which high deficits and debt loads will condition politics. Neither country has much fiscal space and this may well tilt the political debate further towards topics like identity, immigration and values. This has been the case in France (and Italy) for some time.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;In Britain, it&#39;s hard not to feel that the recent Labour manifesto is ‘boring, boring’ like Keir Starmer’s favourite football team, reflecting Labour’s desire to tiptoe around the fiscal risks facing Britain. Consistent with this, it would not be a surprise that a prospective Labour government could choose to kick-off its term in office with a focus on institutional reform (Houses of Commons and Lords) and accountability in public life.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The second challenge for new governments in Britain and France will be growth, and this is where the real policy lessons will be learnt. As neither country has the scope to enact a hefty fiscal stimulus, new growth must be endogenous to reforms in both economic systems. In this respect Labour, whose keenness to halt policy uncertainty and desire for foreign investment, are in a much easier place.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;In France, the strong likelihood is that the aftermath of the July 7th vote is accompanied by an economic shock, driven by the entire lack of transparency and credibility that the far-left and far-right bring to economic policy, as well as their antipathy to foreign investors and corporates.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The third question is who might help France and Britain soften the impact of their debt loads. In financial markets there is a growing view that central banks will need to be deployed to recycle the debt loads of the economies they oversee. This is effectively the case in Japan, though the Bank of England may be loath to be seen to cap gilt yields (especially after the Truss debacle) and the ECB’s Governing Council would be badly split on the issue of ‘rescuing’ France.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The more likely avenue is greater collaboration with private investors (private equity, very large pension funds and some sovereign wealth funds) where projects that would ordinarily be funded and run by the state, are instead jointly capitalized and managed by private institutional investors, and some corporations. This is a likely avenue for Britain on green infrastructure and could continue to be the case for France in sectors like artificial intelligence.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;As July approaches, investors are already starting to vote, gilts and the pound are calm, but there is a budding crisis in the French bond market.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Author&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit&amp;nbsp;Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://urldefense.com/v3/__http:/uniofinancialservicesltd.newsweaver.com/sodvwdkei0/lbhlyi9c77v151dy77l1u4/external?email=true&amp;amp;a=5&amp;amp;p=64443015&amp;amp;t=31915503__;!!GIL_j7ndwvA!Dl6WHPkYbVBPT1bFb5mk2sFM9ynJvDqyozyeviD7FZN7KxOG_FKcjhs01l9R1A-lGRHtDeWA-BUdAb9WW3hmEY5G$&quot; target=&quot;_blank&quot;&gt;speak with your&amp;nbsp;Unio adviser&lt;/a&gt;&amp;nbsp;or&amp;nbsp;&lt;a href=&quot;https://urldefense.com/v3/__http:/uniofinancialservicesltd.newsweaver.com/sodvwdkei0/15lmkkt7r2o151dy77l1u4/external?email=true&amp;amp;a=5&amp;amp;p=64443015&amp;amp;t=31915503__;!!GIL_j7ndwvA!Dl6WHPkYbVBPT1bFb5mk2sFM9ynJvDqyozyeviD7FZN7KxOG_FKcjhs01l9R1A-lGRHtDeWA-BUdAb9WW0Xr-R1V$&quot; target=&quot;_blank&quot;&gt;get in touch&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;

A Tale of Two Debts

&lt;p&gt;At this month’s&lt;strong&gt; Global Macro Council&lt;/strong&gt;, the focus was on the &lt;strong&gt;UK election.&lt;/strong&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;July 4th will very likely bring a change of government, an end to heightened political volatility, and a chance for the UK economy to begin to mend. As such, a period of calm and the beginnings of growth in the UK would also be a positive for the Irish economy.&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2024/06/UNIO-GMC-Outlook-June-2024.pdf&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;Read June’s Global Macro Outlook in full. &lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;This month, we were fortunate to be joined by guest speakers, Jamie Dannhauser, Ruffer LLP and Daniel Wales, Fulcrum Asset Management, who shared their insights and expertise.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your &lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;Unio adviser&lt;/a&gt; or get in touch &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;here. &lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;

A New Start

&lt;p&gt;Welcome to the Unio Weekly View for the week beginning 17 June 2024.&lt;/p&gt;
&lt;p&gt;In summary:&lt;/p&gt;
&lt;p&gt;- Last week, French President Macron called a snap parliamentary election, leading to the biggest weekly drop in French stocks since 2022, as fears of a far-right majority gain momentum. Banks were heavily sold off, with higher inflation and a rate cut also hurting the sector.&lt;/p&gt;
&lt;p&gt;- This week, attention shifts to the UK as the general election approaches. Labour, led by Keir Starmer, holds a strong lead at 42% in the polls. May inflation data, to be released on the 19th, currently stands at 2.3%. A lower figure may bolster the Conservatives and PM Sunak but is unlikely to significantly sway voters. It might influence the Bank of England’s rate decision on the 20th, with the current rate at 5.25%.&lt;/p&gt;
&lt;p&gt;- Companies to watch this week include Mastercard and Toyota Motor Corp, who hold their AGMs on the 18th, and Accenture plc reports Q3 2024 earnings on the 20th. Falling interest rates may shape Mastercard’s outlook, while EU tariffs on Chinese EVs could benefit Toyota’s EV market.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;View our full investment brief ⬇📽&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/YHgS1YWgLcg?showinfo=0&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;At Unio, we provide you with the insights you need to make informed investment decisions. &lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;Speak to you Unio adviser&lt;/a&gt; or &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;get in touch. &lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;

The Unio Weekly View 17.06.2024

&lt;p style=&quot;text-align: justify;&quot;&gt;This Sunday, Mike O&#39;Sullivan reviews Starmer’s policy playbook, worth paying attention to because of the likelihood that Labour will form the next government in the UK.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;One of the more ‘colourful’ habits in the otherwise sensible life of Sir Keir Starmer is that he is an Arsenal supporter, to the extent that he has been quizzed on this in media interviews, and cruelly asked if, like Arsenal, he will ‘bottle’ the premiership. For those non-football fans amongst you, even Arsenal fans like to chant ‘boring, boring..Arsenal’.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Consistent with his devotion to Arsenal, ‘boring, boring’ seems to be the guiding light of Starmer’s policy playbook, launched formally on Thursday in the form of the 23,000-word, 134 page Labour manifesto.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The subset of individuals who peruse political party manifestos is small, and I have heroically dug into it to save readers the trouble. It is worth paying attention to because of the likelihood that Labour will form the next government in the UK.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;My first take is that the manifesto is very conservative, with a small &#39;c&#39;, in the sense that it emphasises Starmer&#39;s reluctance to change many elements of existing fiscal policy (corporate tax stays at 25% for example) and effectively&amp;nbsp;ventures very little in terms of dramatic policy moves.&amp;nbsp;The headlines stress no &#39;austerity&#39; but it is also hard to see this package producing a durable expansion and return to productivity.&amp;nbsp;The manifesto is accompanied by a laborious compilation of the costs of the Labour programme, the object of which must be to convince markets that Labour are on top of their fiscal ‘game’.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;My sense is that the manifesto is characteristic of a party that&amp;nbsp;wants to avoid any kind of policy hiccup before the election, and confirms my sense that the big policy moves, if there are any, will come in the autumn or early 2025, once the government has been bedded in.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;On balance it is a manifesto for workers rather than capitalists. The message for workers is that income tax, national insurance contributions and VAT won&#39;t change, but we will see small groups (private equity execs for instance) treated more severely. Also, with the abolition of generous non-dom tax status, the international wealthy will feel the fiscal pain, added to which private education fees will be charged VAT. These measures are expected to raise GBP 6bn, which is small in the context of the economy and deficit. More efficiencies in spending&amp;nbsp;are expected to bring &#39;new&#39; fiscal boost to GBP 8.5bn&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;From the point of view of companies and investors, there is not yet much here to worry about, but neither much to be excited for.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;We also have a little more colour on the landmark innovation of the manifesto, GB Energy - the brainchild of Ed Miliband (one of the most experienced Labour ministers and the most &#39;policy ready&#39; one). GB Energy will be based in Scotland and will invest in renewables (co-invest with the private sector in new green technologies, and help scale up start ups in segments like solar and wind, and help to invest in the&amp;nbsp;installation of green energy infrastructure). It will take on existing state owned stakes in energy projects like GB Nuclear, and the aim is to capitalise it (likely in 2025 to the tune of GBP 8bn). One element for the energy sector is the flagging in the manifesto of much tougher regulation of the energy sector (in terms of consumer prices).&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;On healthcare, my first impression is that the improvements flagged for the NHS are not transformative and as a trend, point towards more outsourcing of services, away from hospitals.&amp;nbsp;Finally, there are some interesting comments in the &#39;serving the country&#39; section of the manifesto (reform of the House of Lords and a focus on ethics in public life). My expectation is that Labour will lead with these reforms once in power.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;In more detail, I think Labour will win the July 4th election, their immediate accession to power will be marked by a number of high-profile foreign affairs events (i.e. NATO summit) where Starmer will be able to look ‘presidential’. August will be quiet and I think the early policy moves will come, as above, in the area of institutional reform.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;As we move into the autumn, the focus will turn to economics, and I suspect Labour will lead this with a series of announcements on inward investment. The launch of GB Energy and the national wealth fund will follow.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;This manifesto is deliberately ‘boring’ in the sense that it will ease Labour’s passage through the election campaign with little policy friction. Voters’ disdain for the Tories will be enough for Labour to win handsomely, and they may well be helped by the damage that the Reform party will do to the Tories.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;With the economy in mind, the absence of chaos that should accompany a Labour government (as opposed to the Tories) should help, and a great deal will depend on international factors. However, the manifesto, in my view, is not a convincing plan in terms of kickstarting productivity in the UK economy. ‘Boring’ will not be enough to satisfy the economic challenge that has been left to Starmer.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;From the point of view of Ireland it will matter a great deal that our closest neighbour could return to growth. Relations between London and Dublin will most certainly improve, but the spoiler is that the shadow defence secretary John Healey has spoken repeatedly of the ‘Irish free-riding problem’ in defence. Higher spending on security might well be the unexpected cost to Ireland of a Labour victory.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Author&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;A native of Cork, now living in Paris, Mike O’Sullivan started his career as an academic at Oxford and Princeton. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit&amp;nbsp;Suisse Wealth, and is an expert in European financial policy, working with several European fintech firms. A regular contributor to Newstalk and Forbes, Mike is the author of The Levelling (What&#39;s next after globalization?). He has written two books on Ireland (&#39;Ireland and the Global Question&#39;, and &#39;What did we do right?&#39;) and was an independent member of Ireland&#39;s National Economic Social Council (NESC) from 2011-16. He is a Director and Strategic Adviser at Unio and chairs the Unio Global Macro Council and the Unio Investment Committee.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to learn more,&amp;nbsp;&lt;a href=&quot;https://urldefense.com/v3/__http:/uniofinancialservicesltd.newsweaver.com/sodvwdkei0/lbhlyi9c77v151dy77l1u4/external?email=true&amp;amp;a=5&amp;amp;p=64443015&amp;amp;t=31915503__;!!GIL_j7ndwvA!Dl6WHPkYbVBPT1bFb5mk2sFM9ynJvDqyozyeviD7FZN7KxOG_FKcjhs01l9R1A-lGRHtDeWA-BUdAb9WW3hmEY5G$&quot; target=&quot;_blank&quot;&gt;speak with your&amp;nbsp;Unio adviser&lt;/a&gt; or &lt;a href=&quot;https://urldefense.com/v3/__http:/uniofinancialservicesltd.newsweaver.com/sodvwdkei0/15lmkkt7r2o151dy77l1u4/external?email=true&amp;amp;a=5&amp;amp;p=64443015&amp;amp;t=31915503__;!!GIL_j7ndwvA!Dl6WHPkYbVBPT1bFb5mk2sFM9ynJvDqyozyeviD7FZN7KxOG_FKcjhs01l9R1A-lGRHtDeWA-BUdAb9WW0Xr-R1V$&quot; target=&quot;_blank&quot;&gt;get in touch&lt;/a&gt;.&lt;/p&gt;

Deliberately boring?

&lt;p&gt;Mike O&#39;Sullivan, Strategic Adviser and Director, Unio provides his first thoughts on the implications of the European elections for Europe, and notably for France as the drama unfolds in Paris, and considers consequences for macro and private markets.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;The State of play in Europe&lt;/h3&gt;
&lt;p&gt;&quot;The European elections have left the centre still ‘holding’, the Greens badly damaged, a mixed night for the far-right, Meloni in the ascendency across Europe and Macron not only damaged but now imperilled by his decision to call an election. Scholz in Germany is also damaged but at least he has not imperilled himself in the same way that Macron has.&lt;/p&gt;
&lt;p&gt;From a European point of view, the European &#39;centre&#39; in the parliament looks like it will hold (the European Peoples&#39; Party (EPP) has fared well) and a new executive (Von der Leyen etc) will most likely be elected. Its momentum is boosted by a good showing for Donald Tusk, and the decent showing for Friedrich Merz’ party in Germany. The major story is in France, where the Rassemblement National has performed in line with the polls, in its best ever elections, and Emmanuel Macron has called a parliamentary election for the end of June/early July. Though this move was allegedly prepared some months ago, in my view this is a mistake - echoing the decision of Rishi Sunak recently for example.&quot; Read more &lt;a href=&quot;https://www.forbes.com/sites/mikeosullivan/2024/06/10/macron-goes-full-sunakthe-risk-to-france-rises/&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;&lt;em&gt;Macron Goes Full ‘Sunak’ - The Risk To France Rises, by Mike O&#39;Sullivan, Forbes, 10/06/2024&lt;/em&gt;&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;What are the implications for macro and private markets?&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;- Macron&#39;s move introduces some tail-risk to euro zone assets and the euro will be weaker for the next couple of months.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;- This is a pity as the euro-zone economy is starting to pick up, and enjoy rate cuts.&lt;/p&gt;
&lt;p&gt;- Arguably, we will see less stringent green regulation, however the megatrend of green tech spending will continue.&lt;/p&gt;
&lt;p&gt;- The fact that the EPP remains &#39;in control&#39; is generally &#39;good for business&#39;.&lt;/p&gt;
&lt;p&gt;- A new departure in private investment is defence and the momentum in AI and Digital etc will continue.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About Mike O&#39;Sullivan&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Author of &quot;The Levelling - What Next After Globalisation&quot;, Mike O&#39;Sullivan chairs the Unio Global Macro Council, the Unio Investment Committee, and is a director at Unio. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth, and is an expert in European financial policy working with a number of European fintech firms.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment. If you want to find out more, &lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;talk to your Unio adviser&lt;/strong&gt;&lt;/a&gt; or &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;get in touch&lt;/strong&gt;&lt;/a&gt;.&lt;/p&gt;

Macron Goes Full ‘Sunak’ - The Risk To France Rises

&lt;p&gt;This year has brought significant elections with unexpected impacts on international markets.&lt;/p&gt;
&lt;p&gt;Eurozone bond yields, including those for Ireland, surged following President Macron’s shock dissolution of the French parliament. Shares in India fell post-election and the peso plummeted after elections in Mexico.&lt;/p&gt;
&lt;p&gt;Mike O&#39;Sullivan, Director and Strategic Adviser,&amp;nbsp;Unio&amp;nbsp;joined Newstalk&#39;s Joe Lynam this morning to discuss how elections are shaking up global markets.&lt;/p&gt;
&lt;p&gt;📻 &lt;a href=&quot;https://open.spotify.com/episode/5wrdzr65XFhzO0HJhynkpO?si=bDZk1tBoQeq6e_6ucS8RDw&quot; target=&quot;_blank&quot;&gt;Listen here&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;5 mins 48 secs&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment. If you want to find out more, &lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;talk to your Unio adviser&lt;/a&gt; or &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;contact us here. &lt;/a&gt;&lt;/p&gt;

How Elections Are Shaking Up Global Markets

&lt;p&gt;Welcome to the Unio Weekly View for the week beginning 10 June, 2024, our summary of macro and markets news.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;This week in summary:&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;- After the ECB’s rate cut last week, attention will turn to the US where the Federal Reserve will make an interest rate call on the 12th. The current rate stands at 5.5%, however there is an expectation that rates will stay unchanged at the upcoming meeting. On the same day, the inflation rate for May will be released in the US. Current headline inflation stands at 3.4%.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;- Economists have pencilled in the September meeting as when the US central bank may start to cut rates.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;- In markets news, Oracle Corp will announce their Q4 earnings on the 11th. The stock has performed strongly YTD, up c.18.6%.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;- Adobe post their quarterly results on the 13th. The stock has sold off c.21% YTD in part due to the collapse of its $20bn buyout of Figma. At their Q1 results, management did provide weaker than expected Q2 guidance.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;- And finally, Nvidia became the second most valuable company in the world after surpassing Apple and breaking through the $3 Tr Market Cap value.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Watch The Unio Weekly View, our investment brief for the week ahead:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/HLBO9qnRza0?showinfo=0&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you would like to find out more, &lt;a href=&quot;https://unio.ie/about/advisers&quot; target=&quot;_blank&quot;&gt;speak with your Unio adviser&lt;/a&gt; or contact us &lt;a href=&quot;https://unio.ie/contact&quot; target=&quot;_blank&quot;&gt;here&lt;/a&gt;.&lt;/p&gt;

The Unio Weekly View 10.06.2024

&lt;p&gt;Mike O&#39;Sullivan, Director and Strategic Adviser,&amp;nbsp;Unio joined Newstalk&#39;s Joe Lynam this morning to discuss today&#39;s business and markets news.&lt;/p&gt;
&lt;p&gt;Topics discussed today included:&lt;/p&gt;
&lt;p&gt;The legal battle between the European Union and Meta as the Digital Services Act is deployed.&lt;/p&gt;
&lt;p&gt;US interest rates remain stubbornly high. ECB has signalled a June rate cut.&lt;/p&gt;
&lt;p&gt;AI creates job, 800 more announced this week at IBM.&lt;/p&gt;
&lt;p&gt;Wallstreet: Dow Jones breaks 40,000 for the first time.&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://open.spotify.com/episode/6RPjVA81iJjEOlYw5hMLGK?si=7tdVDic8QPGjdOWQs2maQg&quot; target=&quot;_blank&quot;&gt;Listen here&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;(8 mins, 38 seconds)&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

Unio On Newstalk

&lt;p&gt;In what could be a defining moment at the ballot box for Europe, the European Elections take place this week. Ireland goes to the polls on June 7th.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;With dynamic shifts in political leanings and a potential far-right surge of “anti-European” parties, watch our webinar to hear a discussion that will bring you closer to the rapidly changing political and economic landscape and the potential implications for your financial decisions.&lt;/p&gt;
&lt;p&gt;This webinar is hosted by Kate Candon, Chief Marketing Officer at Unio in conversation with Mike O&#39;Sullivan, Director and Strategic Adviser at Unio.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Watch the webinar in full here:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/sz5aLimnZo0?showinfo=0&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you would like to find out more, speak with your Unio adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

European Elections 2024: What could they mean for Ireland?

&lt;p&gt;Welcome to Unio&#39;s weekly summary of market and macro news.&lt;/p&gt;
&lt;p&gt;This week:&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Most major equity indices fell last week despite a lack of any major events. NASDAQ ended a streak of 5 weeks of consecutive gains as disappointing earnings results from Salesforce dragged the index down.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The Bank of Canada will discuss the possibility of cutting interest rates from 5.0% to 4.25% on the 5th. However, all eyes this week will be on the European Central Bank(ECB) as it is expected they will cut interest rates for the first time since 2019 on Thursday. Despite a tick up in monthly inflation for the first time in a year last month, it’s expected the bank will cut rates by 0.25% to 4.25%.&lt;/p&gt;
&lt;p&gt;On the company side, there are multiple AGMs this week. Up first, is the largest retailer in the US, Walmart whose AGM is on the 5th, with Netflix on the 6th and Alphabet on the 7th. Alphabet has shown strong growth in recent quarters, particularly around AI where it continues to invest heavily.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Watch The Unio Weekly View, our investment brief for the week ahead:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/xvvbjXqEE_Y?showinfo=0&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment. If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;

The Unio Weekly View 04 06 2024

&lt;p&gt;Welcome to the Unio Weekly View for the week beginning 27 May, 2024.&lt;/p&gt;
&lt;p&gt;This week’s summary of markets and macro news:&lt;/p&gt;
&lt;p&gt;↗ Inflation will dominate this week.&lt;/p&gt;
&lt;p&gt;↗ Germany, Europe’s largest economy, will post its preliminary May print on the 29th. The current rate stands at 2.2%, and no doubt, a higher print will pressure the ECB to start cutting rates.&lt;/p&gt;
&lt;p&gt;↗ On the 31st, the Federal Reserve’s preferred inflation measure&amp;nbsp;- the PCE Price Index (headline and core) - is released. The current rates stand at 2.7% and 2.8% respectively.&lt;/p&gt;
&lt;p&gt;↗ On the earnings side, quarterlies are now coming to a close. Last week, Nvidia delivered excellent earnings again for Q1 with YoY revenue up 262% and diluted EPS up 600% over the year. Meta and Exxon Mobil Corp will hold their AGMs on the 29th.&amp;nbsp;Both companies have had strong YTD performance, with Meta up 34.5% and Exxon up 10.9%. Costco Wholesale will post its Q3 earnings on the 30th.&lt;/p&gt;
&lt;p&gt;View this week&#39;s update in full:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/TDszSHTIln0?showinfo=0&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to learn more, speak with your Unio adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

The Weekly View 27 05 2024

&lt;p&gt;At this month’s Global Macro Council, we examined the case for dollar weakness, or correspondingly a pickup in the currencies that one contributor, Harvinder Kalirai of Alpine Marco, referred to as the ‘anti-dollar’, i.e., the euro.&lt;/p&gt;
&lt;p&gt;In the case of the euro, there is a cyclical case to be made that, with several rate cuts from the ECB about to ‘arrive’, and signs that activity is beginning to pick up across the large European economies, the relative economic momentum between the US and the euro-zone will begin to narrow.&lt;/p&gt;
&lt;p&gt;This month, we were fortunate to be joined by guest speakers Hugh Gimber at JP Morgan, and Harvinder Kalirai at Alpine Macro.&amp;nbsp;Thank you both for sharing your insights and expertise.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2024/05/UNIO-GMC-Outlook-May-2024.pdf&quot; target=&quot;_blank&quot;&gt;Read May’s Global Macro Outlook in full&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

Time for the Anti-Dollars?

&lt;h2&gt;Webinar: European Elections 2024: What could they mean for Ireland?&lt;/h2&gt;
&lt;p&gt;&lt;strong&gt;Overview&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;In what could be a defining moment at the ballot box for Europe, the European Elections take place early next month. With dynamic shifts in political leanings and a potential far-right surge of “anti-European” parties, join our webinar on &lt;strong&gt;Thursday, May 30th&lt;/strong&gt; for a discussion that will bring you closer to the rapidly changing political and economic landscape and the potential implications for your financial decisions.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Hosted by&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Kate Candon, Chief Marketing Officer at Unio in conversation with Mike O&#39;Sullivan, Director and Strategic Adviser at Unio.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About Mike O&#39;Sullivan&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Author of &quot;The Levelling - What Next After Globalisation&quot;, Mike O&#39;Sullivan chairs the Unio Global Macro Council, the Unio Investment Committee, and is a director at Unio. Mike has over twenty years’ experience in global financial markets, most recently as CIO at Credit Suisse Wealth and is an expert in European financial policy working with a number of European fintech firms.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Joining Instructions&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Date: Thursday, 30 May, 2024&lt;/p&gt;
&lt;p&gt;Time: 11:00 to 11:30 am&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://register.gotowebinar.com/register/7192120401399113565&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;Register here&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;

European Elections 2024: What  could they mean for Ireland?

&lt;p&gt;Welcome to the Unio Weekly View for the week beginning 20 May, 2024.&lt;/p&gt;
&lt;p&gt;This week in summary:&lt;/p&gt;
&lt;p&gt;↗ Equity indices from around the world are reaching new all-time highs and positive inflation readings are leading to hopes of interest rate cuts.&lt;/p&gt;
&lt;p&gt;↗ On Wednesday, good news for the UK as April’s inflation rate is predicted to be lower than March, and perhaps, will be as low as the Government’s 2% target.&lt;/p&gt;
&lt;p&gt;↗ In contrast, a low reading in Japan on Friday would not be so welcome as it would make it difficult for the Bank of Japan to raise interest rates, something that policymakers have wanted to do for years.&lt;/p&gt;
&lt;p&gt;↗ The earnings season is coming to a close but one, highly anticipated mega-cap name remains to report. On Wednesday, AI leader Nvidia will report after the closing bell with analysts expecting a 400% increase in earnings compared to the previous quarter.&lt;/p&gt;
&lt;p&gt;Check out our full investments update below:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/cqWS7BjRG3s?showinfo=0&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you would like to find out more, speak with your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

The Weekly View 20 05 2024

&lt;p&gt;Welcome to the weekly view for the week beginning 13th May, 2024, our summary of macro and markets news.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;This week in summary:&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ Amazon’s share price hit an all time high on Thursday with the company’s market cap within touching distance of $2tn. Crossing this mark will put the e-commerce giant in an exclusive club alongside other members of the “Magnificent 7”.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ Once again, US CPI Inflation takes centre stage on the macro front this week. Consensus estimates show that the Consumer Price Index likely rose 3.4% over the year in April. The official figure will be reported on Wednesday.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ Inflation has stayed stubbornly higher than the Federal Reserve’s target of 2% despite high interest rates. The EU follows with their own inflation reading on Friday however, a June rate cut already looks like a done deal for the eurozone.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ Earnings season continues as we get a gauge on the health of the US consumer. This week&#39;s earning calls include Home Deport, Walmart and Flutter Entertainment.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Check out our investments briefing:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/HYz8kRc9SGQ?showinfo=0&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;&lt;/p&gt;

The Weekly View 13 05 2024

&lt;p&gt;Welcome to the Unio View, our weekly update of markets and macro news.&lt;/p&gt;
&lt;p&gt;- Central banks will make some big interest rate calls this week.&lt;/p&gt;
&lt;p&gt;- Up first today is the Reserve Bank of Australia, followed by the Bank of England on the 9th. The base interest rate in the UK stands at 5.25% however Governor Andrew Bailey has hinted that rate cuts will be on the cards over the coming months.&lt;/p&gt;
&lt;p&gt;- Staying in the UK, on the 10th Q1 GDP will be released. Q4 data showed a contraction in the economy of -0.2%. It is anticipated that the economy will stay the same and record 0% growth.&lt;/p&gt;
&lt;p&gt;- On the earnings side, it’s another busy week with some big names releasing their quarterly results starting today with Saudi Aramco. With a strong rise in oil prices YTD, it could prove to be a very profitable quarter for Saudi Aramco.&lt;/p&gt;
&lt;p&gt;- Walt Disney, who last week announced a record spend of $543m on renovating hotels across Disney&#39;s resorts, also release today. On the 8th, Toyota will post their Q4 2023 earnings.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Check out our full investment update below:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/8_cgl_BbUCc?showinfo=0&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Prepared by Aaron Dempsey, Investment Analyst, Unio.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

The Unio Weekly View 07 05 2024

&lt;p&gt;Recent figures from the Central Bank of Ireland show that deposits of over €150 billion sit in Irish banks and alarmingly 94% of these deposits rest in overnight accounts such as demand and current accounts.&lt;/p&gt;
&lt;p&gt;The most recent figures show that the average deposit rate for these overnight accounts stands at 0.12%, nowhere near the current 4% ECB interest rate.&lt;/p&gt;
&lt;p&gt;It has been estimated that collectively, Irish savers are missing out on an eye-popping €3.5 billion in interest a year.&lt;/p&gt;
&lt;p&gt;With Irish inflation still running above the ECB target rate of just over 2%, it is important that our clients not only maintain the purchasing power of their long-term assets but also work their short-term assets to avail of the higher rates that can be achieved from low-risk alternatives to Irish bank deposit rates.&lt;/p&gt;
&lt;p&gt;There are several ways that Irish savers can invest in low-risk alternatives such as money market funds or even short-dated Irish Government.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Watch Richard White share his insights:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/qAbOl8UbNhg?showinfo=0&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;We can help you find the best home for your money, whether it’s a money-market fund or Irish Government bonds.&lt;/p&gt;
&lt;p&gt;These low-risk options give you easy access to your money and pay multiple times the level of return on your average instant-access/demand bank account.&lt;/p&gt;
&lt;p&gt;To find out more, get in touch today:&amp;nbsp;&lt;a href=&quot;https://www.unio.ie/savings&quot; target=&quot;_blank&quot;&gt;https://www.unio.ie/savings&lt;/a&gt;&lt;/p&gt;

The Savings Conundrum

&lt;p&gt;Welcome to the Unio Weekly View, our summary of markets and macro news:&lt;/p&gt;
&lt;p&gt;↗ Last week, the Yen hit a 34 year low against the US Dollar. At the same time, Japanese equities have continued an impressive rally over the last 18 months as growth picks up in the economy. A weaker Yen has made it favourable for foreign investors to buy Japanese assets.&lt;/p&gt;
&lt;p&gt;↗ In macro news, all eyes are on the US with the Federal Reserve making an interest rate decision on the 1st.&amp;nbsp;Analysts are pricing in, at most, 2 rate cuts and are expecting the base rate to be left at 5.5%&lt;/p&gt;
&lt;p&gt;↗ US unemployment and non-farm payroll data will be released on the 3rd and EU flash core inflation for April and GDP data for Q1 will be published on the 30th.&lt;/p&gt;
&lt;p&gt;↗ On the earnings front, after strong earnings from Microsoft, Alphabet and Meta, attention now turns to Amazon and Apple, whose earnings are out on the 30th and 2nd respectively. Amazon just confirmed that it plans to create 1,000 jobs through its AWS investment of $11bn in the US state of Indiana.&lt;/p&gt;
&lt;p&gt;↗ Finally on the 30th, we have Eli Lilly’s Q1 earnings release. The stock is up c.22% YTD and the company just announced the acquisition of Nexus Pharmaceuticals’ injectable medicine manufacturing facility.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Check out our full investment update below.&amp;nbsp;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://www.youtube.com/embed/gANRMxxMOgk?showinfo=0&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;&lt;/p&gt;

The Unio Weekly View 29 04 2024

&lt;p&gt;Welcome to the&lt;strong&gt; Unio Weekly View &lt;/strong&gt;for the week beginning 22.04.2024, our summary of market and macro news.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Markets&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;• It’s one of the biggest earnings weeks of the year as three of the &#39;Magnificent Seven&#39; stocks post their Q1 results.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;• Up first will be Meta on the 24th, which has seen excellent performance over the last year, in large part due to the AI rally. The stock is up c.40% year to date.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;• On the 25th, attention will turn to Microsoft, the largest company by market cap in the US. Leading equity analysts are expecting strong growth in its Azure cloud platform as the company continues to integrate AI into its product range.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;• On the same day, Alphabet will post its Q1 earnings. The stock is up c.12% YTD supported by stable search engine growth and a high level of demand for YouTube. However, restructuring concerns are on the horizon for the company as advertising growth slows and it pushes further into areas like AI and cloud computing.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Macro News&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;• This week&#39;s focus will stay in the US and the Q1 GDP data release on the 25th. It’s expected that the US economy will have grown 3.4% quarter on quarter.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;• March’s PCE Price Index figures, the Fed’s preferred measure of inflation, are released on the 26th. Currently, the index stands at 2.5%.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;• On the same day, the Bank of Japan will make an interest rate call. At the previous meeting, the bank raised its base interest rate to 0% against the backdrop of rising inflation however, the expectation is they will hold rates at this meeting.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Check out our full investment update below.&amp;nbsp;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/937758295/&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Prepared by&amp;nbsp;&lt;a href=&quot;https://www.linkedin.com/in/ACoAACF_kqgBCe9msKSgyTVBHfKnPpkycoIvlt8&quot; target=&quot;_blank&quot;&gt;Aaron Dempsey&lt;/a&gt;, Investment Analyst, Unio.&lt;/p&gt;

The Unio Weekly View 22 04 2024

&lt;p&gt;Figures published at the end of 2023 show that Irish savers could be missing out on €3.5 billion in interest each year. So what can you do to make your money work a bit harder?&lt;/p&gt;
&lt;p&gt;Unlike many economies in Western Europe, which have struggled in the wake of the recent pandemic and ongoing conflict in Ukraine, Ireland has maintained strong growth. There are now swathes of wealthy people in the country who are looking to put their money to work, but they are underserved when it comes to receiving expert financial advice.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Many individuals with high levels of disposable income feel that as central banks have raised their interest rates several times over the last two years, they must now be getting competitive savings rates. They therefore believe it makes sense to leave their cash in their instant-access account.&lt;/p&gt;
&lt;p&gt;However, of the estimated €152 billion that the Irish population has in household savings, the vast majority is still languishing in low-interest accounts. This is because while banks were quick to raise their borrowing rates, they have been slow to raise their rates for savers. As there are now plenty of accounts that deliver rates at circa 4%, it is a great time for investors to consider moving their money.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Other than an instant-access account, where can I invest my disposable cash?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With more than €14 billion in assets under advisement, Unio is a wealth-management company that helps clients draw up investment strategies so that they can earn greater returns than those available in traditional savings accounts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Money-market funds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;While some people are happy to hold large amounts of cash over the long term, others prefer to earn regular income from their investments. It generally makes sense to hold some cash in reserve in case of emergency, but you could also consider investing in short-dated money-market funds. These funds work like a typical mutual fund that issues shares to investors and invests in high-quality short-term debt and cash equivalents. This includes debt guaranteed by commercial banks or short-term government debt issues.&lt;/p&gt;
&lt;p&gt;While such funds may experience short-term volatility, they are usually a low-risk option, with the returns mirroring interest rates set by central banks. One of the funds we recommend, for example, is AAA rated and has a gross yield of 4%. With money-market funds, you are only invested for a short period – typically three to six months – so your money remains easily accessible.&amp;nbsp;By making the right investment choices now, clients can achieve 10 times the return on their liquid reserves in a cash fund compared with keeping their money on deposit with their high-street bank.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Irish Government bonds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Investing in government bonds is another low-risk option for clients who may have savings of more than €200,000. Irish residents can enjoy tax-free returns on any capital gain on maturity, and tax on any income generated by the investment is only levied at the marginal rate.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Given that interest rates have remained relatively high over the last year, many bonds have been trading at a discount and this has attracted investors into the government bond market. If you recently invested €250,000 in a 0% Treasury Bond 2031, for example, you would realise a gross gain of more than €45,000 (less fees) over the next seven years .&amp;nbsp;&lt;/p&gt;
&lt;p&gt;As with any investment, returns aren’t guaranteed. However, money-market funds and Irish government bonds can be a low-risk entry point for individuals with a large amount of disposable income who want to make their money work harder than if it were held in a low-interest current account.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;For more information about these savings products, or any other financial services provided by Unio, please visit: &lt;a href=&quot;http://www.unio.ie/savings&quot; target=&quot;_blank&quot;&gt;www.unio.ie/savings&lt;/a&gt;.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;We provide financial advice tailored to your circumstances, so why not get in touch to see if we can help put your money to work.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Unio Financial Services Ltd trading as Unio, Unio Employee Benefits and Unio Wealth Management is regulated by the Central Bank of Ireland.&lt;/p&gt;

Could your money be working harder for you?

&lt;p&gt;In an age where, since the global financial crisis, central bank balance sheets have been a very significant driver of asset prices, liquidity is a core theme. This month&#39;s Global Macro Council (GMC) examined the topic of financial market liquidity and Europe&#39;s opportunity..&lt;/p&gt;
&lt;p&gt;We were fortunate to benefit from the expertise and insights of guest speakers&amp;nbsp;Dario Perkins, TS Lombard, and Fabio Cortes of the International Monetary Fund (IMF).&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2024/04/Unio-Global-Macro-Council-Outlook-April-2024.pdf&quot; target=&quot;_blank&quot;&gt;Read the full Global Macro Outlook&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the knowledge you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

Liquidity Matters

&lt;p&gt;This month&#39;s Global Macro Council (GMC) Outlook focuses&amp;nbsp;on the investment case for Europe and asks, is it a ‘Goldilocks economy&#39;?&lt;/p&gt;
&lt;p&gt;Thank you to our guest speakers Ben Ritchie at abrdn and Cyril Moulle-Berteaux at Morgan Stanley Investment Management, who provided excellent insights on the topic.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Read the report in full:&amp;nbsp;&lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2024/03/UNIO-GMC-Outlook-March-2024-FINAL.pdf&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;GMC March 2024&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Members of the Unio Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Eunice Dreelan, Terry Devitt, Alex Kinsella, Ger Fitzgerald, Lenny McLoughlin, Mike O&#39;Sullivan, Richard White, Paddy Swan.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Strategists - Aaron Dempsey, Stephen Roche&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment. If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;

What is European for Goldilocks?

&lt;p&gt;Check out the Unio Weekly View for the week beginning the 4th March, 2024.&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/919138709/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;This week in summary:&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ Chart of the Week: The Bitcoin spot price hit its highest level since 2021 last week, breaking the $60,000 mark. Current market risk appetite is at elevated levels and increased investor allocations to cryptocurrency, following the introduction of Bitcoin ETFs over the last number of months, may be playing a role.&lt;/p&gt;
&lt;p&gt;↗ Macro: ECB makes an interest rate call on the 7th. The expectation is that the rate stays at 4.5% despite weak economic fundamentals in the bloc coupled with market expectations of up to 6 rate cuts this year.&lt;/p&gt;
&lt;p&gt;↗ Earnings: All the mega-cap names have now been reported, however, there are still some recognisable names with releases this week. Two of the largest American retailers, Target and Costco will announce their earnings on the 5th and 7th respectively. On the 7th tech giant Oracle will post its quarterly results.&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

The Week Ahead 04 03 2024

&lt;h2 style=&quot;text-align: justify;&quot;&gt;Ian Brady appointed as CEO of Unio Group&lt;/h2&gt;
&lt;p&gt;29th February 2024. Unio Financial Services Ltd, incorporating &lt;strong&gt;Unio Wealth Managemen&lt;/strong&gt;t and &lt;strong&gt;Unio Employee Benefits&lt;/strong&gt; has today announced the appointment of Ian Brady as CEO of the Unio Group of companies as of 1st March 2024. He succeeds Des McGarry who has retired from the business.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Appointed in August 2023 as Managing Director of Unio Wealth Management (Ireland’s newest wealth management advisory firm of scale, introduced last April), this appointment will see Ian Brady expand his role to the leadership of both Unio Employee Benefits (specialising in pension and investment for employee groups) and Unio Wealth Management.&lt;/p&gt;
&lt;p&gt;Ian takes the helm at the financial services group after 21 years’ experience in the wealth management industry, formerly holding roles as Managing Director of Davy’s Wealth Management business as well as working as a corporate executive and non-profit board member. With a deep understanding of global wealth management, Ian is an industry-leading appointment, bringing with him a strong strategic vision, which will bring Unio into its next phase of growth.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Ian Brady, commenting on his appointment of Unio Group; “The formation of Unio Financial Services and the scale of our ambition has come at a pivotal point for people in Ireland, who have been vastly under-advised in terms of how to plan and grow their finances. Unio is uniquely positioned to serve and advise both corporate and individual clients across Ireland on their financial futures. As I take on the role of CEO of the Unio Group, I am encouraged by the opportunities ahead for investors as we seek to demystify wealth and financial markets, by fostering an innovative, open and inclusive approach. It is an exciting time for the organisation as Unio brings forth its financial expertise, backed by our parent company Great-West Lifeco to empower our clients to grow their wealth responsibly and in a manner that will enhance their lives.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;“I would also like to take this opportunity to wish Des McGarry, former CEO of Unio Group, the very best in his next chapter and I look forward to working hard to build on the strong foundations he has delivered through his dedication and formidable talent.”&amp;nbsp;&lt;/p&gt;

Ian Brady appointed as CEO of Unio Group

&lt;p&gt;&lt;strong&gt;What is happening in China?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;We enjoyed a very thought provoking Unio Global Macro Council meeting earlier this week where the focus was geo-political risk. Fascinating insights were provided by Sir Sebastien Wood, KCMG, from Schroders and Chris Kushlis, T.Rowe Price who both provided refreshing insights on this topical subject.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;This month&#39;s Global Macro Council (GMC) outlook considers investor concerns in China in three broad areas:&lt;/p&gt;
&lt;p&gt;1. US/China relations and the risk of a conflict around Taiwan&lt;/p&gt;
&lt;p&gt;2. Structural risks to China’s economy&lt;/p&gt;
&lt;p&gt;3. The lack of urgency in economic policy making.&lt;/p&gt;
&lt;p&gt;While risks are present, the council sees opportunities for a revival in Beijing. The Chinese market is under-priced and holds potential for significant returns if the right strategies are implemented.&lt;/p&gt;
&lt;p&gt;Read the report in full:&amp;nbsp; &lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2024/02/UNIO-GMC-Report-February-2024.pdf&quot; target=&quot;_blank&quot;&gt;GMC February 2024&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Members of the Unio Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Eunice Dreelan, Terry Devitt, Alex Kinsella, Ger Fitzgerald, Lenny McLoughlin, Mike O&#39;Sullivan, Richard White, Paddy Swan.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Strategists - Aaron Dempsey, Stephen Roche&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment. If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;

What is happening in China?

&lt;p&gt;Check out the Unio Weekly View for the week beginning the 26th February, 2024.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/916789534/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;This week in summary:&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ As inflation concerns subside, last week saw European natural gas prices fall back to pre-energy crisis levels. Prices fell to €22.9/MWh as strong imports of LNG and warmer weather reduced demand.&lt;/p&gt;
&lt;p&gt;↗ In macro news, it’s a relatively quiet week however, it is worth looking out for Japanese inflation data today. The rate for December was 2.6%.&lt;/p&gt;
&lt;p&gt;↗ On the 29th, the Fed’s preferred measure of inflation, the PCE Price Index for January, will be updated. On March 1st, flash core inflation data in the EU will be released.&lt;/p&gt;
&lt;p&gt;↗ In earnings news, last week was dominated by Nvidia’s latest earnings report. Both the top and bottom lines surpassed analysts&#39; expectations, driving a rally in the stock price, up 20% after the announcement.&lt;/p&gt;
&lt;p&gt;↗ This week will see the release of Berkshire Hathaway’s quarterly earnings on the 26th. So far this year the stock is up a healthy 15.5%.&lt;/p&gt;
&lt;p&gt;↗ Other earnings to keep an eye out for are Workday on the 26th and Salesforce on the 28th. Salesforce shares are up c.79% over the last year as the company has benefitted from momentum in AI.&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

The Week Ahead 26 02 2024

&lt;p&gt;&lt;strong&gt;The Unio View 2024 &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/907566383/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;2024 will be an Olympian year in many respects, in terms of the number of people globally who will vote, a record debt burden, the growing need that climate damage puts on us to invest responsibly, and the mind-boggling advances in technologies like quantum computing and AI.&lt;/p&gt;
&lt;p&gt;All this is set against a backdrop of surprising economic resilience.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How will Unio’s View develop over 2024? &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Forecasting is hard to do, which is why for the year ahead we resist forecasting single events (though we do have views) but instead aim to delineate the important, growing trends and the risks and opportunities in the global system. We feel that this exercise can help our clients as investors, in terms of where these forces will drive asset prices, businesses, and the local economy. Ireland is interesting in that it continues to be a very open economy – exposed to global forces, but that has so far proven its resilience.&lt;/p&gt;
&lt;p&gt;So, let&#39;s dive into our top five investment themes for 2024 – all of which are interrelated in different ways.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Theme One: Bond Resilience in a World of Debt. &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;First up is ‘bond resilience in a world of debt&lt;strong&gt;’&lt;/strong&gt;, which we frame as the challenge of finding good quality fixed-income investments – both for companies and governments – that will withstand the risk of rising credit. We think &lt;strong&gt;Irish government bonds&lt;/strong&gt; will be a good example here.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Theme Two: Peak America&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Second, one risk event on the horizon is the &lt;strong&gt;US election &lt;/strong&gt;where a second Trump presidency would force companies and investors to radically re-assess the risks associated with investing in US assets. With US stocks - notably the top 7 tech-driven companies – dominating markets we ask whether the time is coming to move towards markets – in Europe and the emerging world – that offer better value.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Theme Three: The &#39;No-Cession&#39;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Third, we think deeply about the economic cycle, which at the best of times is perplexing. &lt;strong&gt;We coin the term ‘no-cession’&lt;/strong&gt; to describe the economic climate which is characterized by a mix of slowing manufacturing activity and rising bankruptcies on one hand, offset by strong labour markets and tamer inflation on the other.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Theme Four Responsibility and ESG in a Time of Conflict&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Fourth, and again highlighting how investing is increasingly tangled up with politics, in a time of conflict, contested politics, and climate damage –&lt;strong&gt; impactful investing&lt;/strong&gt; is more important than ever, especially so with many ESG frameworks under attack.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Theme Five: What is Next for AI? &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Fifth, whilst AI has been around for some time, not least in the data-rich environment of financial markets, the public and financial market consciousness of it took off with the release of ChatGPT early this year. AI is now everywhere it seems, especially in stock valuations. AI-centric firms like Nvidia now trade at rich valuations.&lt;strong&gt; We think beyond this&lt;/strong&gt; to consider all the factors that come after the initial wave of AI excitement – regulation, the value of data, and the building of AI-centric infrastructure.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Unio&#39;s commentary will evolve as these themes develop over 2024. We will keep you updated.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide the insights you need to make informed financial decisions in this environment. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

Top Five Investment Themes 2024

&lt;p&gt;Unio is delighted to announce its sponsorship of the Irish Cruiser Racer (ICRA) National Championships 2024.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;This year’s ICRA Nationals — which take place from 30 August to 1 September 2024 — mark the beginning of a unique series of major sailing championships hosted by the Royal Irish Yacht Club&amp;nbsp;in&amp;nbsp;Dun Laoghaire Harbour.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://afloat.ie/sail/icra/item/61950-unio-announced-as-title-sponsor-of-icra-national-championships-2024&quot; target=&quot;_blank&quot;&gt;Read more &lt;/a&gt;&lt;/p&gt;

Unio Announces ICRA Sponsorship

&lt;p&gt;Check out &lt;strong&gt;The Unio View in 60 Seconds&lt;/strong&gt;, our weekly commentary on market and macro data.&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/907523799/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ Overall it was a positive week in markets, with global equities up 1.5% largely attributable to the strong GDP data released in the US for Q4.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ US equities across the board were up as a result however the latest GDP print takes pressure off the Federal Reserve to start cutting rates.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ In the EU, the ECB kept the base interest rate constant at 4.5% but did signal that underlying inflation concerns were easing throughout the bloc. It helped spark a further rally in the US dollar relative to the Euro whilst sovereign debt yields (10 year) remained relatively unchanged.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ The main talking points this week will be the Federal Reserve interest rate call on the 31st followed by Non-Farm payroll and unemployment rate data on the 2nd. Microsoft&amp;nbsp;(30th), Alphabet (30th) and Apple (1st) will all post their quarterly earnings this week.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide the insights you need to make informed financial decisions in this environment. If you want to find out more, talk to your Unio adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

The Week Ahead 29.01.2024

&lt;p&gt;Check out The Unio View in 60 Seconds, our weekly commentary on market and macro data for the week beginning 22nd January 2024.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/905318827/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ Earnings season continues. Analysts remain bullish about the &#39;magnificent 7&#39; stocks with&amp;nbsp;Tesla being the only outlier. Tesla&#39;s earnings are due to be released this week.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ It was a positive week for&amp;nbsp;equities, driven by strong performance in the US.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ The&amp;nbsp;&lt;a href=&quot;https://www.linkedin.com/feed/hashtag/?keywords=ecb&amp;amp;highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7155239376896081920&quot; target=&quot;_blank&quot;&gt;E&lt;/a&gt;CB&amp;nbsp;interest rate call on the&amp;nbsp;25th is expected to remain at 4.5%, despite a weak European economy.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;↗ Tesla&#39;s Q4 earnings will be posted on the 24th. All eyes are on how Tesla sales in China did at the end of last year, especially after&amp;nbsp;&lt;a href=&quot;https://www.linkedin.com/feed/hashtag/?keywords=byd&amp;amp;highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7155239376896081920&quot; target=&quot;_blank&quot;&gt;#BYD&lt;/a&gt;&#39;s strong growth.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide the insights you need to make informed financial decisions in this environment. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;

The Week Ahead 22.01.2024

&lt;p&gt;The Unio Global Macro Council (GMC) issued its January Outlook entitled, &#39;Dry January&#39;.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;This month the GMC stresses that the most significant macro risk of 2024 is inflation.&lt;/p&gt;
&lt;p&gt;&quot;We expect that tight labour markets will act to support economic activity and possibly create upward pressure on inflation.&quot;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;Read the report in full:&amp;nbsp;&lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2024/01/UNIO-GMC-Oulook-_January-2024.pdf&quot; target=&quot;_blank&quot;&gt;GMC Outlook January 2024&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Members of the Unio Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Eunice Dreelan, Terry Devitt, Alex Kinsella, Ger Fitzgerald, Lenny McLoughlin, Mike O&#39;Sullivan, Richard White, Paddy Swan.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Strategists - Aaron Dempsey, Stephen Roche&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;

Dry January

&lt;p&gt;The New Year is an ideal time to establish healthy money habits and to put yourself on a sound financial path.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Wendy McKeown, Head of Financial Planning&lt;/strong&gt; sets out some simple financial planning tips to get your finances into shape so you can spend more time enjoying the things you love and less time worrying about your money.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;1.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Think about your life &amp;amp; financial goals&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Write down your short-term, medium term and long-term life goals along with a timeline for achieving them. Do these goals require financial funding? We often think about when we hope to retire and what that might look like however, along the way there are likely to be other life events and goals you would like to work towards.&amp;nbsp;This could include clearing your mortgage in a particular timeframe or saving for your children’s education.&amp;nbsp;Focusing on your financial goals will help you build a financial plan and with a plan you have a better chance of success!&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;2.&amp;nbsp;&amp;nbsp;&amp;nbsp;Create a budget &amp;amp; track your spending&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The 50-30-20 rule is a good place to start: a budgeting approach that allocates&amp;nbsp;50% of your income to needs, 30% to wants, and 20% to savings. You can build your wealth while prioritising spending on things that matter to you. With a better understanding of where your money is going often comes the availability of extra disposable income, allowing you to invest the money or use it in other ways to improve your financial wellbeing.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;3.&amp;nbsp;&amp;nbsp;&amp;nbsp;Effectively use any surplus cash&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Once you have a handle on your personal finances, consider how you can make your money work for you and invest to achieve your goals. If you already have a pension in place, are you making the most of it? A work-based pension is effectively free money from your employer and your pension fund continues to provide a tax efficient way to save for your future.&amp;nbsp;Think about using any surplus cash to increase your AVCs. The maximum contribution &lt;a href=&quot;https://www.unio-eb.ie/are-you-maximising-your-tax-relief/&quot; target=&quot;_blank&quot;&gt;on which you can receive income tax relief is determined by your age.&lt;/a&gt; Every extra €100 that you save to your pension is costing you as little as €60* once tax relief is considered. What about your savings? The bulk of savings in Ireland lies in low-yielding easy-to-access bank accounts. &lt;a href=&quot;https://unio.ie/savings&quot; target=&quot;_blank&quot;&gt;It may be time to consider building an investment portfolio that can grow that pot.&lt;/a&gt;&amp;nbsp;*based on a marginal tax rate of 40%.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;4.&amp;nbsp;&amp;nbsp;&amp;nbsp;Empower yourself&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Understanding your finances is empowering and drives sound choices when it comes to making big financial decisions such as moving house or investing in a holiday home. We aren’t taught about personal finances in school. Most of us learn about money when we start dealing with bills and mortgages. A good place to start is to read the business pages at the weekend or check out a podcast. Unio produces &lt;a href=&quot;https://www.linkedin.com/feed/update/urn:li:activity:7152699100352696320&quot; target=&quot;_blank&quot;&gt;The Unio View in 60 Seconds&lt;/a&gt; weekly and &lt;a href=&quot;https://unio.ie/insights/tune-into-the-wealth-evolution&quot; target=&quot;_blank&quot;&gt;The Wealth Evolution&lt;/a&gt;. Key to this however is a good relationship with your financial adviser, someone in your corner who you can ask questions and who understands your needs and goals. They will be able to explain why they’re making certain decisions with your money and how this affects you.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;5.&amp;nbsp;&amp;nbsp;&amp;nbsp;Seek advice&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;My final tip is to seek expert “advice”. Generally, people who work with a quality financial planning professional enjoy more financial confidence and experience less financial stress. An adviser works with you to help determine exactly what your financial goals are, talks you through your options and provides a personalised financial plan.&lt;/p&gt;
&lt;p&gt;The right adviser will help coordinate all aspects of your financial life so you can focus on what’s most important to you and your family.&amp;nbsp;It’s an ongoing relationship built on trust and, if done correctly, your adviser will become an integral part of your life, your counsel for financial decisions. You can take comfort knowing that they will have the time, attention, and expertise to address every aspect of your finances while you focus on living.&lt;/p&gt;
&lt;p&gt;This plan is your financial blueprint for life, it’s a living thing and we see its creation and ongoing assessment as a significant responsibility. Expert guidance will help steer you in the right direction. Life can throw curve balls and revisiting and updating your plan is paramount to its success.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;If you want to find out more about creating a personalised financial plan, talk to your Unio Private Client Adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;

Get your finances in shape for 2024 and beyond.

&lt;p&gt;&lt;strong&gt;Macro Overview &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Inflation data continues to be released to the market. Starting on the 17th, focus will be on the UK &#39; annual inflation data. There is an expectation that inflation might tick up, as already seen in EU and US data released over the last couple of weeks. On the same day, core inflation (finalised) in the EU will be announced. On the 18th, attention will switch to Japan. As rates remain low in Japan, it will be interesting to see if the festive period helped push inflation higher.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The big financial institutions will continue to release their results. After JP Morgan reported record revenue last week, attention will turn to Morgan Stanley and Goldman Sachs, who both release their Q4 earnings on the 16th followed by Charles Schwab, who publish their Q4 performance on the 17th.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;The Unio View in 60 Seconds&amp;nbsp;&lt;/strong&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/903022770/&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Last week, Microsoft briefly overtook Apple as the most valuable company in the world. Microsoft&#39;s continued expansion into the AI space has supported a strong rally for the stock recently helping it to catch Apple around the $3 trillion market cap.&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCU3AJJDLRD5AWJOSOKBCDWUSR74?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio Chart of week 15012024&quot; data-fileid=&quot;20Y7Q000000X5gQ&quot; data-contentkey=&quot;MCU3AJJDLRD5AWJOSOKBCDWUSR74&quot; data-cms-filename=&quot;chart of week 15012024.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCYBISVB5AYBD4DNTAIAOQJ5WK54?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio Equities Chart 15012024&quot; data-fileid=&quot;20Y7Q000000X5gS&quot; data-contentkey=&quot;MCYBISVB5AYBD4DNTAIAOQJ5WK54&quot; data-cms-filename=&quot;equities 150124.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCTK6Y2IHXQZDLRK5WXPZOZHTXDQ?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio Bonds Chart 15012024&quot; data-fileid=&quot;20Y7Q000000X5gV&quot; data-contentkey=&quot;MCTK6Y2IHXQZDLRK5WXPZOZHTXDQ&quot; data-cms-filename=&quot;bonds 150124.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie.&lt;/a&gt;&lt;/p&gt;

The Week Ahead 15.01.2024

&lt;p&gt;&lt;strong&gt;The Week Ahead&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;This week&#39;s Unio update summarising events in global business and markets.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/900843606/&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;It was a challenging start to 2024 for equity markets with all major regions down last week after a strong end to 2023. Positive job numbers and wage growth in the US for December signaled concern in the market as to the speed at which the Federal Reserve would begin to cut interest rates. Moreover, a rise in Eurozone inflation sent the same sentiment through European equity and fixed-income markets.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;As 2024 begins, Q4 earnings season takes the spotlight. The big banks will kick things off with the world’s largest bank, JP Morgan posting their Q4 results on the 12th. On the same day, The Bank of America will also post its quarterly earnings. Although M&amp;amp;A activity across the board had been muted in 2023, analysts will be keen to see net interest income revenue growth given the backdrop of a high-interest rate economy. Additionally, they will be keeping an eye out for a potential rise in bad loans. The world’s largest asset manager, BlackRock will also post its Q4 earnings on the 12th.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Last week, US debt broke the $34Tr mark, resulting in interest payments of $2bn per day and the equivalent of $101k per person. At record highs, questions will continue to be asked. How high can it go and how long is it sustainable?&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCPUKTETFOHFGUZCN5QD65H4UM6Q?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X5e5&quot; data-contentkey=&quot;MCPUKTETFOHFGUZCN5QD65H4UM6Q&quot; data-cms-filename=&quot;chart of week 090124.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCLOHHAULZVFDLRNGVOZXDXWYZA4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X5eA&quot; data-contentkey=&quot;MCLOHHAULZVFDLRNGVOZXDXWYZA4&quot; data-cms-filename=&quot;equities 090124.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bonds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCGWZQTTBUQRDHVOO6BB4OKZODU4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X5e7&quot; data-contentkey=&quot;MCGWZQTTBUQRDHVOO6BB4OKZODU4&quot; data-cms-filename=&quot;bonds 090124.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;﻿&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&lt;/p&gt;

The Week Ahead 08.01.2024

&lt;p&gt;The Unio Global Macro Council has issued its December Outlook entitled &#39;No-Cession&#39;.&lt;/p&gt;
&lt;p&gt;The Council&#39;s commentary is summarised below:&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Macro Outlook&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Despite easing headline inflation, actual prices in Ireland and Europe remain high. Financial markets anticipate the end of the inflation shock, benefiting fixed-income positions. Looking ahead, a peculiar business cycle is noted in large European economies, with the potential for a recession in Germany. Strong labour markets and a shortage of skilled labour may drive up wages and consumer spending. In the U.S., there is healthy growth and robust labour markets. In summary, strong labour markets will save growth.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Special Focus &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;In 2024, central banks may have limited room for interest rate cuts. Market expectations favour more aggressive cuts from the Federal Reserve than the European Central Bank, potentially leading to a weakening of the euro as those expectations change&#39;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Final Word &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;As investors enter 2024, uncertainties include the impact of recent interest rate changes on global growth, the success of major central banks in controlling inflation, and heightened geopolitical risks.&lt;/p&gt;
&lt;p&gt;Read the report in full:&amp;nbsp;&lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2023/12/UNIO-GMC-Outlook-December-2023.pdf&quot; target=&quot;_blank&quot;&gt;GMC Outlook December 2023&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Members of the Unio Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Eunice Dreelan, Terry Devitt, Alex Kinsella, Ger Fitzgerald, Lenny McLoughlin, Mike O&#39;Sullivan, Richard White, Paddy Swan.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Strategists - Aaron Dempsey, Stephen Roche&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;

No-Cession

&lt;p&gt;&lt;strong&gt;The Week Ahead &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;This week&#39;s Unio update summarising events in global business and markets.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/895871629/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;As investors and market participants continue to digest recent central bank calls and commentary from the Fed, BoE and ECB, they will now look to see what the BoJ does on the 19th. Japan is in a unique position whereby its interest rate has remained at -0.1% throughout the year despite slowly rising inflation. Further speculation is growing that the BoJ will raise rates soon but not at this meeting. On the 21st the market will see final Q3 GDP numbers in the US, which are expected to come in at 5.2% on an annualised basis. If confirmed it would represent the strongest QoQ growth since Q4 2021.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Speaking of quarterly performance its worth keeping an eye out for FedEx’s Q2 update on the 19th. The logistics company is referred to as a bellwether stock, very cyclical and influenced by economic growth. The stock was up c.6.8% over Q3 and up c.59.5% YTD, speaking to the overall strength of the US economy this year, despite higher interest rates. Global consulting giant Accenture will post its Q1 earnings on the same day followed by Nike’s Q2 earnings on the 21st. The famous clothing and footwear brand has struggled in 2023, only up 2.3% having faced slower growth in China and supply chain difficulties.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Just like 2022, financial markets have been volatile this year. Equities in general have rebounded whilst fixed income and commodity markets have had mixed fortunes. Inflation has fallen from its peak however interest rates have continued to rise. Unemployment remains stable.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCBAV2AKIOQBBBXK7TZFQDHVZ5KI?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X5BN&quot; alt=&quot;Unio Chart of the Week - Week Beginning 18 12 2023&quot; data-contentkey=&quot;MCBAV2AKIOQBBBXK7TZFQDHVZ5KI&quot; data-cms-filename=&quot;chart of week18122023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCZCZ6Z4ZLPZBMPOP6LFJH5NHKX4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X5BS&quot; alt=&quot;Unio Equities Chart for the week beginning 18 12 2023&quot; data-contentkey=&quot;MCZCZ6Z4ZLPZBMPOP6LFJH5NHKX4&quot; data-cms-filename=&quot;equities18122023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bonds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCJ5FV2S6TQZDIZLOOW6C7TYHFYI?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X5BX&quot; alt=&quot;Unio Bonds Chart for the week beginning 18 12 2023&quot; data-contentkey=&quot;MCJ5FV2S6TQZDIZLOOW6C7TYHFYI&quot; data-cms-filename=&quot;bonds18122023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&lt;/p&gt;

The Week Ahead 18.12.2023

&lt;p&gt;&lt;strong&gt;The Week Ahead &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;This week&#39;s Unio update summarising events in global business and markets:&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/891185102/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The main data point for market participants to look out for this week is in the US when unemployment and non-farm payroll numbers will be released on the 8th. The current unemployment rate stands at 3.9%, with last month’s jobs report showing a potential weakness in the US labour market. In October, only 150k new jobs were added with the expectation for November to add a further 175k jobs. Before all that the Bank of Canada will make an interest rate call on the 6th. The current rate stands at 5% and the expectation is that the central bank will keep it there.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The main company news this week with be the Microsoft AGM. It will be interesting to gauge the views of the Microsoft board after nearly adding OpenAI chief Sam Altman to their team. The AGM is on the 7th. On the same day the clothing brand Lululemon Athletica will post their Q3 earnings. In other news Cisco have their AGM on the 6th.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of The Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;November proved to be an excellent month for the major asset classes. Equities jumped off the back of earnings and the festive ‘Santa Clause Rally’. Fixed income yields fell as positive inflation data came through alongside dovish central bank commentary. Gold also rallied.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCLX2RJQFBCVDJNCEPONZ6KJN6ME?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4qR&quot; data-contentkey=&quot;MCLX2RJQFBCVDJNCEPONZ6KJN6ME&quot; data-cms-filename=&quot;Chart of Week04122023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCE7HUY7MVGFF5VHFQEP6MJWTZTM?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4qW&quot; data-contentkey=&quot;MCE7HUY7MVGFF5VHFQEP6MJWTZTM&quot; data-cms-filename=&quot;Equities04122023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bonds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCR2MOZPMB7VBNRAWEDPSCT65FG4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4qT&quot; data-contentkey=&quot;MCR2MOZPMB7VBNRAWEDPSCT65FG4&quot; data-cms-filename=&quot;Bonds04122023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&lt;/p&gt;

The Week Ahead 04.12.2023

&lt;p&gt;Tune in to &#39;Waking up to World Debt&#39; which airs on &lt;strong&gt;BBC&amp;nbsp;Radio 4, Monday, November 27th at 8 pm&lt;/strong&gt; as our colleague Mike O&#39; Sullivan, Strategic Adviser and Director, Unio Wealth Management investigates the alarming rise in world debt and asks if a reckoning is on the way.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Borrowing levels have soared during recent global crises. Have governments already accumulated so much debt that they won&#39;t have the resources left to handle&amp;nbsp;the next big disaster - be it another pandemic, a war in Asia, or a global recession? And if so, which nations and regions are mostly likely to bear the brunt?&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Contributors include Joyce Chang: Chair of Global Research, JP Morgan; Barry Eichengreen: Professor of economics and political science at the University of California, Berkeley; Ruchir Sharma: Chief Investment Officer and founder, Breakout Capital; and, Raghuram Rajan: Professor of finance at the Chicago Booth School of Business.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://www.bbc.co.uk/programmes/m001styj&quot; target=&quot;_blank&quot;&gt;Tune in live &lt;/a&gt; or check out &lt;a href=&quot;https://www.bbc.co.uk/programmes/m001styj&quot; target=&quot;_blank&quot;&gt;BBC&#39;s website&lt;/a&gt;, where a link will be posted after the programme airs.&lt;/p&gt;

Waking Up to World Debt - BBC Radio 4

&lt;p&gt;&lt;strong&gt;The Week Ahead&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;There continues to be some important macro data coming out both in the US and Europe this week. On the 30th, flash EU core inflation will be released with the current rate standing at 4.2%. With continuing slow growth in the bloc, policy officials at the ECB will hope to see the rate fall further. In the US on the same day, the latest PCE Index, the Federal Reserves preferred method of tracking inflation, will be released. The current rate stands at 3.4%. On the 31st, US manufacturing PMI is released. The current value of the index 46.7, indicates a contraction in manufacturing in the US. However, if the index does tick up above 50, it will signal growth and may begin to push inflation higher again.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Nvidia’s impressive earnings last week concluded the release of the ‘Magnificent 7’ quarterly earnings. Despite that, there are still some big names to announce this week. Intuit, the fintech software platform will release their earnings on the 28th, the stock has rallied c.44% YTD. Salesforce will publish their Q3 earnings on the 30th. The cloud-based service provider has benefitted from the AI hype this year and has seen its stock rise c.66% YTD. Dell Technologies will also publish their Q3 earnings on the same day.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;As we approach the end of the earnings cycle its worth looking to see how each sector performed in the backdrop of a challenging macro environment. Communication and IT companies have surprised to the upside while the Real Estate sector has the lowest percentage of ‘beats’. If current levels become the final numbers for the quarter, it will mark the highest percentage of S&amp;amp;P 500 companies reporting a positive EPS surprise since Q3 2021.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCWGN4RXMML5D7TF76ZPKW576EYA?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4cN&quot; data-contentkey=&quot;MCWGN4RXMML5D7TF76ZPKW576EYA&quot; data-cms-filename=&quot;Chart of the Week 27112023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCY24J7MTMJVFUNE3XKIPLPWNQFA?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4cP&quot; data-contentkey=&quot;MCY24J7MTMJVFUNE3XKIPLPWNQFA&quot; data-cms-filename=&quot;Equities 27112023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bonds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC6ZWGDHB4GJCMXBBAUNDNWUW6IY?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4cY&quot; data-contentkey=&quot;MC6ZWGDHB4GJCMXBBAUNDNWUW6IY&quot; data-cms-filename=&quot;Bond Yields 27112023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;span&gt;﻿&lt;/span&gt;&lt;/p&gt;
&lt;p&gt;At&amp;nbsp;Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your&amp;nbsp;Unio&amp;nbsp;adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with&amp;nbsp;Unio, you can check your portfolio value at any time through the&amp;nbsp;Unio&amp;nbsp;portal.&lt;/p&gt;

The Week Ahead 27.11.2023

&lt;p&gt;Unio Wealth Management welcomed Ian Brady to the role of Managing Director in August.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Watch the clip below in which Ian shares his vision for the exciting journey Unio has ahead.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;“I am excited to lead our team into a transformative era in the wealth industry in Ireland. Our focus is on innovative, advice-led solutions, placing our clients at the heart of everything we do”&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/885337148/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;

Meet our Managing Director

&lt;p&gt;The Unio Global Macro Council has issued its November Outlook entitled &#39;Escape Velocity?&#39;.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The Council&#39;s commentary is summarised below:&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Macro Outlook 2023&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;This year&#39;s dominant macroeconomic themes include persistent inflation, high interest rates, and surprisingly calm markets. Despite concerns, economic activity has rebounded from the brink of recession, and equity volatility is at its lowest for the year.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Optimistic View for 2024&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Looking ahead to 2024, there&#39;s optimism that inflation will decrease, bond yields will retreat, and central banks may lower interest rates.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Escape Velocity and Economic Challenges&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The central question for the upcoming year is whether major economies can achieve &quot;escape velocity&quot; from the challenges of high debt and stubbornly high interest rates. While Europe faces limited fiscal stimulus options, positive indicators include a healthy labour market.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Thematic Focus and Electoral Schedule&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The main investment themes for 2024 will revolve around near-record levels of debt across governments, households, and companies, coupled with a busy global electoral schedule. The potential re-election of Trump poses a significant risk, potentially leading to a loss of faith in US assets by investors.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Read the report in full:&amp;nbsp;&lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2023/11/UNIO-Global-Macro-Outlook-November-2023.pdf&quot; target=&quot;_blank&quot;&gt;GMC Outlook November 2023 &lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Members of the Unio Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Eunice Dreelan, Terry Devitt, Alex Kinsella, Ger Fitzgerald, Lenny McLoughlin, Mike O&#39;Sullivan, Richard White, Paddy Swan.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Strategists - Aaron Dempsey, Stephen Roche&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Escape Velocity?

&lt;p&gt;Check out our November Market Update. Join our Head of Investment Strategy, Ger Fitzgerald, and Head of Investment Solutions, Alex Kinsella as they discuss key market drivers to watch out for this month:-&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;ul&gt;
 &lt;li&gt;Continuation of volatility in global equities&amp;nbsp;and bond markets&lt;/li&gt;
 &lt;li&gt;Investor focus remains on interest rates in the US and the Eurozone&lt;/li&gt;
 &lt;li&gt;First signs of an economic slowdown&amp;nbsp;&lt;/li&gt;
 &lt;li&gt;Buckle up and see where it goes.&lt;/li&gt;
&lt;/ul&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;View the update in full below.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/884009531/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide the insights you need to make informed financial decisions in this new environment. If you want to find out more, talk to your Unio adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;

Unio Markets Update - November 2023

&lt;p&gt;&lt;strong&gt;View the Week Ahead in 60 Seconds.&lt;/strong&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/884025188/&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Ahead This Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;It&#39;s all about inflation data this week, as some of the world’s largest economies post their monthly reports. Starting in the US, headline inflation will be released on the 14th with the current rate standing at 3.7%. Last week’s hawkish comments by Federal Reserve Chairman, Jay Powell, hinted that the central bank would do all it could to get inflation below the 2% target. Additionally, US beef prices hit record levels last week, at an average of $8 per pound, speaking to the consistently stubborn level of inflation that US consumers are facing. On the 15th, UK inflation will be published, with the headline rate standing at 6.7%. And finally, on Friday final EU core inflation will be announced for the month of October. The current rate stands at 4.5%.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Tencent Holdings, one of China’s largest technology companies will post their Q3 earnings on the 15th. Despite the rally in growth stocks this year, Tencent’s share price has lagged, down c7.7% YTD. On the same day, Cisco will publish their Q1 earnings. And finally on the 16th, the world’s largest discount retailer, Walmart will announce their Q3 earnings. With continued sticky inflation, analysts will be keen to see how the company’s margins hold up.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Further hawkish comments coming from the Federal Reserve last week pushed USD/INR to record highs. The Reserve Bank of India has continued to use its reserves of USD to lessen the extent of depreciation of the emerging market currency.&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC6QIKPMTW4REZHBBQWNLXKJFRDI?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4WT&quot; data-contentkey=&quot;MC6QIKPMTW4REZHBBQWNLXKJFRDI&quot; data-cms-filename=&quot;chart of week.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCMQKEG7KN2NBZPJKS7YNOQPBGMU?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4WY&quot; data-contentkey=&quot;MCMQKEG7KN2NBZPJKS7YNOQPBGMU&quot; data-cms-filename=&quot;Equities.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCVDWPCLR37VEX3DOMHK2QUAZRFY?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4Wd&quot; data-contentkey=&quot;MCVDWPCLR37VEX3DOMHK2QUAZRFY&quot; data-cms-filename=&quot;bonds.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;At&amp;nbsp;Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your&amp;nbsp;Unio&amp;nbsp;adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with&amp;nbsp;Unio, you can check your portfolio value at any time through the&amp;nbsp;Unio&amp;nbsp;portal.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;

The Week Ahead  13.11.2023

&lt;p&gt;&lt;strong&gt;View the Week Ahead in 60 Seconds.&lt;/strong&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/881723254/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Ahead This Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Economic announcements will be somewhat relaxed this week relative to last week. Starting off on Wednesday, the Chairman of the Federal Reserve, Jay Powell, will hold a press conference after last week’s decision by the US central bank to continue its pause on rate rises. Markets have taken confidence from both that decision and the weak job numbers released on Friday, a potential indication that the US economy may be slowing. On the 9th attention will turn to China, where monthly inflation data will be released. The current rate stands at 0%. Following that, focus will turn to the UK on the 10th with the release of quarterly GDP numbers. Year-on-year growth in the UK economy is estimated to be up 0.5%.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Some big names will release their earnings this week. Starting off, Berkshire Hathaway will reveal their Q3 earnings on the 6th. The next day, the world’s largest oil producer Saudi Aramco will publish its Q3 earnings on the 7th. With the recent rally in oil prices, it will be interesting to see if it filters through to strong earnings for the oil major. Finally, Walt Disney will publish its quarterly earnings on the 8th with investors keen to hear what Bob Iger has planned next for the company.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;So far, six of the seven &#39;Magnificent Seven&#39; have reported their earnings with the majority showing strong&amp;nbsp;EPS growth.&amp;nbsp;Additionally, the weekly performance following each release was positive for most except for Alphabet as it missed analyst revenue estimates within its cloud business.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Note:&lt;/strong&gt;&amp;nbsp;No 5-day stock movement is available for Apple as they only released their earnings at the end of last week. The market is still awaiting&amp;nbsp;Nvidia’s results over the coming weeks.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC5PFIJKSERVHLZHBARDIFZOXPIU?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4TZ&quot; data-contentkey=&quot;MC5PFIJKSERVHLZHBARDIFZOXPIU&quot; data-cms-filename=&quot;Chart of Week.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC6BX5WLFV6NBWFJM62O5LQTR5YA?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4Tb&quot; data-contentkey=&quot;MC6BX5WLFV6NBWFJM62O5LQTR5YA&quot; data-cms-filename=&quot;Equities.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCNHICAY6UCJEL7BZDYY6OPLEOZQ?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4Te&quot; data-contentkey=&quot;MCNHICAY6UCJEL7BZDYY6OPLEOZQ&quot; data-cms-filename=&quot;bonds.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;At&amp;nbsp;Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your&amp;nbsp;Unio&amp;nbsp;adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with&amp;nbsp;Unio, you can check your portfolio value at any time through the&amp;nbsp;Unio&amp;nbsp;portal.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;

The Week Ahead 06.11.2023

&lt;p&gt;&lt;strong&gt;View the Week Ahead in 60 Seconds.&lt;/strong&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/879865723/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Its set to be a busy week for macro news. In Asia, the Bank of Japan will make an interest rate call today. The current rate stands at -0.1%, however rising inflation and bond yields is adding pressure on the bank to adjust the current low-rate policy. Despite this, economic forecasts expect the rate to stay at -0.1%. In the US, the focus will be on the Federal Reserve’s interest rate call on the 1st. Economists believe there will be one more rate hike before the end of 2023 however recent Jay Powell comments suggest that hike may come in the December meeting. On the 3rd&amp;nbsp;US unemployment data will be released with the current rate at 3.8%. In the UK on the 2nd&amp;nbsp;the Bank of England will make an interest rate call. Expectation is for the rate to stay at 5.25%.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;On the earnings front, Toyota, the world’s second-largest car manufacturer will publish their Q2 earnings on the 1st. The world’s largest company, Apple, with a market cap of $2.6Tr, will release its Q2 earnings on the 2nd. And on the 3rd, energy giant Royal Dutch Shell will publish their Q3 earnings. With the recent rally in energy prices, it will be interesting to see how impactful this is on quarterly performance.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Bitcoin has experienced a strong rally YTD, up c.108%. In recent weeks, weak macro news and tensions in the middle east have resulted in a selloff in growth assets, but not Bitcoin. The crypto’s value is up c.27% over the last month as investors grow more confident trading it in funds and on exchanges as the regulatory landscape becomes clearer.&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCOKWTEYL6G5EPVLGADQR2QE576I?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4O0&quot; data-contentkey=&quot;MCOKWTEYL6G5EPVLGADQR2QE576I&quot; data-cms-filename=&quot;Chart of Week.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC4P2VMAWWOFFIBCBI6RUBVOOKSM?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4O5&quot; data-contentkey=&quot;MC4P2VMAWWOFFIBCBI6RUBVOOKSM&quot; data-cms-filename=&quot;Equities.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCCGGFV7MMVVDV7KZSKSLVEGLGI4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000X4OA&quot; data-contentkey=&quot;MCCGGFV7MMVVDV7KZSKSLVEGLGI4&quot; data-cms-filename=&quot;Yields.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;﻿&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead  31.10.2023

&lt;p&gt;&lt;strong&gt;View the Week Ahead in 60 Seconds.&lt;/strong&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/877415595/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;It’s another relatively quiet week on the macro front, however there are some key data points worth looking out for. The biggest releases will be on the 6th when unemployment data will be released in the US. The current unemployment rate is 3.8%, with economists forecasting a fall to 3.7% for September. A surprise, or sharp rise in the unemployment rate might force the Federal Reserve to rethink any further monetary policy tightening planned for the remainder of the year. Coinciding with this, non-farm payrolls will also be published on the 6th. In Australia, the RBA will make an interest rate call on the 3rd with the expectation that the rate will be staying at 4.1%&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;It’s a very big earnings week coming up. The majority of the ‘Magnificent 7’ will publish their quarterly earnings throughout. On the 24th both Microsoft and Alphabet will release their Q1 and Q3 earnings respectively. Also on the same day, payment processing company Visa will release their Q4 earnings. On the 25th Meta will release their Q3 earnings followed by Amazon on the 26th. With strong earnings from Netflix last week, but weak earnings from Tesla, market participants are unsure as to the outlook for the rest of the mega cap stocks. Commentary from equity market strategists remains positive but not overly confident.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Over the last 3 months, the level of volatility in equity markets has increased greatly. The Volatility Index (VIX) measures the level of option activity on the S&amp;amp;P500 and is used to predict further price movement. Since the end of July the index is up 60.1% and 27.6% since the beginning of the Middle East conflict.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCF6GXTRXWOBF2HI764H2WMTWJRM?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Picture of Unio chart of week 23 10 2023&quot; height=&quot;315px&quot; width=&quot;560px&quot; data-fileid=&quot;20Y7Q000000X4Fc&quot; data-contentkey=&quot;MCF6GXTRXWOBF2HI764H2WMTWJRM&quot; data-cms-filename=&quot;chart of week_231023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC2KCPPVYLIBHNHE7HMNW4ANAYQQ?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Picture of Unio Equities Chart 23102023&quot; height=&quot;315px&quot; width=&quot;560px&quot; data-fileid=&quot;20Y7Q000000X4Fh&quot; data-contentkey=&quot;MC2KCPPVYLIBHNHE7HMNW4ANAYQQ&quot; data-cms-filename=&quot;equities_23102023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCVH3FFPIS5JBDDGDIZ2CXRDHPP4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; height=&quot;315px&quot; width=&quot;560px&quot; data-fileid=&quot;20Y7Q000000X4Fe&quot; data-contentkey=&quot;MCVH3FFPIS5JBDDGDIZ2CXRDHPP4&quot; data-cms-filename=&quot;bond yields_231023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 23.10.2023

&lt;p&gt;&lt;strong&gt;View the Week Ahead in 60 Seconds &lt;/strong&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/874847658/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;strong&gt;&lt;span&gt;﻿&lt;/span&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;This week’s macro news will be dominated by inflation prints. On the 17th Canadian annual inflation will be released, with the current rate standing at 3.3%. The next day attention will turn to the UK and Europe. Current UK inflation stands at 6.7% however recent GDP data showed that the economy was near stagnant for Q3. Further to that, Chief Economist of the Bank of England, Huw Pill acknowledged that interest rates will be more ‘finely balanced’ moving forward. On the same day, EU core inflation for September will be published. The current rate stands at 5.3% however the expectation is for the rate to fall to 4.5%. And finally on the 20th annual Japanese inflation will be issued. The current rate stands at 3.2% with pressure slowly starting to grow on the Bank of Japan to raise rates.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Quarterly results will continue to pour into the market this week with some very recognisable names on show. Up first is the second biggest bank in the US, Bank of America, which was published on the 17th. On the 18th, the world’s largest EV manufacturer, Tesla will announce their Q3 performance. Despite weak growth in China, the largest consumer of EV’s, Tesla stock is still up c.139% this year. It’s also worth keeping an eye on Netflix earnings which are out the same day.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Ahead of Q3 earnings, market analysts have revised down their overall quarterly expectation of the S&amp;amp;P500. Higher rates for longer have impacted revisions on high-cost industries such as materials and industrials whilst rising energy prices have pushed energy earnings revisions up.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCI34LAIESC5AD5KCVCBX4DOPCE4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Image of Unio Chart of Week 16.10.2023&quot; data-fileid=&quot;20Y7Q000000X4Fg&quot; data-contentkey=&quot;MCI34LAIESC5AD5KCVCBX4DOPCE4&quot; data-cms-filename=&quot;Chart of Week 16.10.2023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCABSX2ANSO5AXDGYX3OG55QXFMM?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Image of Unio Equities Chart 16.10.2023&quot; data-fileid=&quot;20Y7Q000000X4Fw&quot; data-contentkey=&quot;MCABSX2ANSO5AXDGYX3OG55QXFMM&quot; data-cms-filename=&quot;Equities 16.10.2023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCVFZF33LP3FFOTILGUAIFNOHCHY?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Image of Unio Bonds Yields 16.10.23&quot; data-fileid=&quot;20Y7Q000000X4G7&quot; data-contentkey=&quot;MCVFZF33LP3FFOTILGUAIFNOHCHY&quot; data-cms-filename=&quot;Bonds 16.10.23.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 16.10.2023

&lt;p&gt;Eamon Dwyer, Private Client Adviser, Unio Wealth Management, highlights fundamental changes in Ireland’s pension landscape that could see a marked improvement in pension take-up.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Whether by luck or design, the recent changes to the rules governing Personal Retirement Savings Accounts (PRSAs) might be a turning point in efforts to improve pension coverage in Ireland.&lt;/p&gt;
&lt;p&gt;Last year’s Finance Bill, the subsequent Finance Act, and, critically, the updating of Revenue’s pension manual in early 2023, announced a subtle but significant change to the pension landscape.&lt;/p&gt;
&lt;p&gt;The once boring family member of pensions, the PRSA has suddenly become the devilishly handsome and yet intriguing relative at that family reunion!&amp;nbsp;PRSAs have been simplified and made more accessible, giving Ireland a great chance of increasing pension coverage on the back of it.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;What do the changes mean?&amp;nbsp;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Pension sceptics, and those who may have been constrained by outdated pension rules, are now able to save more expansively for their retirement.&lt;/p&gt;
&lt;p&gt;For example, small business owners and their staff, who might be on modest salaries can now use PRSAs for significantly enhanced employer contributions into their pension funds. Similarly, small businesses that were slow to put pension arrangements in place for their teams - due to complex and outdated trustee issues - can now do so without having a trust in place at all.&lt;/p&gt;
&lt;p&gt;So, it would seem that the broadening of the appeal of the highly regulated PRSA product is starting to do exactly what the policymakers intended. Making pensions more straightforward and accessible is going to go a long way to address gaps in pension coverage.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;According to the CSO, 34% of workers in Ireland have no pension in place at all.&amp;nbsp;Even for professionals, who typically have higher coverage, 18% have no pension arrangement. For those who have nothing in place, the most common reason given is that they just ‘haven’t had a chance to organise it yet’ or plan to do so ‘at a future date’. The reasons given are surely a wake-up call to slim down the barriers to entry.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;The PRSA to become the pension product of choice?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;As a Private Client Adviser with Unio Wealth Management, the most common criticism of pensions I hear is that there are too many pension products and that the web of overly complex rules associated with different pension structures is off-putting.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Back as far as the early 00s, it seemed that the PRSA would become the pension product of choice across different sectors.&amp;nbsp;But roll forward 20 years to this time last year, and the PRSA was still only of niche interest at best.&amp;nbsp;The main issue holding it back was the fact that an employer contribution to such a pension plan would trigger benefit in kind (BIK) tax for the worker if the contribution was above a moderate level.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Traditionally, a PRSA was used by two cohorts, for whom PRSAs will remain a core pension option. The first group consists of self-employed professionals or those in a company where there is no company pension scheme in place. Then, there are those in an occupational scheme, who would like to invest additional voluntary contributions (AVCs) into a privately owned pension product, over which they have personal control, known as a PRSA AVC.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;A marked increase in pension take-up&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the new PRSA rules and the removal of the BIK charge on company contributions, there are multiple uses for the PRSA for various market sectors and segments of the market. We are seeing a marked increase in pension take-up for savers in the following key segments - and there will undoubtedly be more to follow as this develops:&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Family business owners&lt;/strong&gt;, who might take lower salaries to keep their businesses afloat.&amp;nbsp;Traditionally, having a low salary meant having lower possible pension contributions.&amp;nbsp;Now, the business can contribute significantly to the individual’s pension fund without tax implications for the business or the need for the individual to draw a higher taxable salary.&amp;nbsp;This opens up significant estate planning opportunities so that the businesses might be passed, intact, to the next generation.&amp;nbsp;Family businesses are often sold so that the founder might enjoy a comfortable retirement.&amp;nbsp;The PRSA will be a very beneficial tool in these scenarios as people plan for that transition in the 5-10 years before retirement.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Key staff in businesses&lt;/strong&gt; where the complexity of occupational pensions and trusts was traditionally off-putting to the business owners.&amp;nbsp;PRSAs can now be put in place for these key staff members, where the business can contribute to their pensions with no BIK implications or trustee issues.&amp;nbsp;A second option here, of course, is to utilise the recent developments in the Master Trust area – a separate but equally interesting topic.&amp;nbsp;The ability to put attractive pension benefits in place for key staff will increase staff loyalty and coverage at the same time.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Those looking for a phased retirement.&lt;/strong&gt;&amp;nbsp;We know that the traditional retirement age of 65 isn’t for everyone.&amp;nbsp;Some will retire earlier, but even more are considering a phased retirement, where they will move to part-time, or take consultancy work right into their 70s.&amp;nbsp;By transferring pension arrangements to a number of PRSAs, one can stagger the accessing of those over time as there is no obligation to retire, or mature those pension pots, at one single date. Once upon a time, this strategy was the vestige of the self-employed. Now, business owners and their staff can utilise this staggered approach too.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The challenge of increasing pension coverage in Ireland is complex and a multi-faceted approach is needed.&amp;nbsp;One thing is clear, when a pension plan is clearly explained and made easier to access, workers in Ireland are good adopters. The solution is a clearly communicated offering made accessible across many use cases. One pen stroke in last year’s Finance Bill may have changed this significantly for the better and, this adviser is certainly in favour.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The pensions landscape in Ireland is undergoing a significant and positive transformation. To assist individuals in understanding the implications for their financial future, expert and impartial advice should always be sought.&amp;nbsp;At Unio Wealth Management, our advisers look forward to helping you to understand and optimise your retirement planning options. get in touch at info@unio.ie.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;This article was published in The Examiner Pension Supplement on 6th October, 2023. &lt;/em&gt;&lt;a href=&quot;https://www.irishexaminer.com/business/companies/arid-41240461.html&quot; target=&quot;_blank&quot;&gt;&lt;em&gt;Read the article in full.&lt;/em&gt;&lt;/a&gt;&lt;/p&gt;

Was One Pen Tick the Master Stroke for Pension Coverage?

&lt;p&gt;&lt;strong&gt;Small Cap Conundrum – Down But Not Out&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;This month, the Global Macro Council examines the performance of small cap equities, those with a market cap of €2 – 5 billion.&lt;/p&gt;
&lt;p&gt;The rolling 10-year relative performance of small vs. large cap stock indices is at a multi-decade low, with the extent of this recent underperformance being both pronounced and puzzling. The last time it was as low was in 2000. Factors impacting performance include business cycles, interest rates, and the influence of a few large tech stocks.&lt;/p&gt;
&lt;p&gt;Read more in &lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2023/10/UNIO-GMC-October-2023.pdf&quot; target=&quot;_blank&quot;&gt;October’s GMC Outlook&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Members of the Unio Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Eunice Dreelan, Terry Devitt, Alex Kinsella, Ger Fitzgerald, Lenny McLoughlin, Mike O&#39;Sullivan, Richard White, Paddy Swan.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Strategists - Aaron Dempsey, Stephen Roche&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Unio Global Macro Council Outlook - October 2023

&lt;p&gt;It’s a busy week in the US across the board. Starting off on Wednesday the FOMC Minutes for September will be released. As Chairman Jay Powell continues to offer hawkish commentary, economists and analysts will be scrutinising the minutes in an effort to get a clearer view of the central bank’s thinking. Following that on the 12th annual inflation data in the US will be released. The current rate stands at 3.7% however the rally in oil prices may well push the headline rate higher for September. Outside the US, it’s worth keeping an eye on UK GDP data on the 12th followed by Chinese inflation data on the 13th. With China having entered a period of deflation, economists predict a slight rise from 0.1% to 0.2% month on month for September.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The big financial institutions will publish their quarterly earnings this week. Two of the biggest banks in the world, JP Morgan and Wells Fargo will report on the 13th. In Q2, JP Morgan saw a strong performance due to increased deposits from retailers who moved their savings from smaller regional banks in the wake of contagion fears following the collapse of SVB. It will be interesting to see if the same trend continued in Q3. Also on the 13th, the world largest asset manager, BlackRock will post their Q3 earnings.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Q3 proved a difficult quarter for equities as hawkish Federal Reserve comments suggested that interest rates will remain at elevated levels for longer than expected. On the flip side the US dollar rallied as investors looked for safer assets due to the current macro backdrop.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCDALOZQFPZJCFDH2IGZFLG6C6Y4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000zAY2&quot; data-contentkey=&quot;MCDALOZQFPZJCFDH2IGZFLG6C6Y4&quot; data-cms-filename=&quot;Chart of Week10102023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCPYAK23XBEJDNXM45INNXQLKU4Y?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000zAY7&quot; data-contentkey=&quot;MCPYAK23XBEJDNXM45INNXQLKU4Y&quot; data-cms-filename=&quot;Equities10102023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bonds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCSHWAGXZZPNF2HJUTHUK5QHV2DE?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000zAYC&quot; data-contentkey=&quot;MCSHWAGXZZPNF2HJUTHUK5QHV2DE&quot; data-cms-filename=&quot;Bonds10102023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;﻿&lt;span&gt;﻿&lt;/span&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 10.10.2023

&lt;p&gt;Join our Head of Investment Strategy, Ger Fitzgerald and Head of Investment Solutions, Alex Kinsella, as they discuss key market drivers to watch out for this month:-&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;- Volatility in global equities&amp;nbsp;&lt;/p&gt;
&lt;p&gt;- Bond yields creep back to 2007 levels&amp;nbsp;&lt;/p&gt;
&lt;p&gt;- A resurgence of inflation?&amp;nbsp;&lt;/p&gt;
&lt;p&gt;- Central Bank policy, where to from here?&amp;nbsp;&lt;/p&gt;
&lt;p&gt;- China trade war concerns&lt;/p&gt;
&lt;p&gt;- Impact of US politics&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/871140055/&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide the insights you need to make informed financial decisions in this new environment. If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;

Unio October Market Update

&lt;p&gt;Tax relief is available on personal contributions made to pension plans. For 2023 the amount of net relevant earnings/remuneration on which tax relief can be claimed is €115,000. The maximum contribution rate – including both AVCs and ordinary employee contributions – on which you can receive income tax relief is determined by your age as follows:&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC4E3DJ7XOWFCYTLR3KN56L6GAGQ?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000zAQn&quot; data-contentkey=&quot;MC4E3DJ7XOWFCYTLR3KN56L6GAGQ&quot; data-cms-filename=&quot;Are you maximising your tax relief  (2).jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;Please note that these limits apply only to employee pension contributions and company pension contributions can be paid in addition.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Have you taken advantage of full tax relief for 2022?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;If you haven’t yet used the full income tax relief available for the 2022&amp;nbsp;tax year, you can do so by making a lump sum Additional Voluntary Contribution by the end of October 2023 (or a date in November 2023 if you make an online tax return) and claiming income tax relief from the Revenue Commissioners.&lt;/p&gt;
&lt;p&gt;Please note that the maximum earnings/remuneration that can be used for 2023 is €115,000.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Pension decisions need to be made in the context of a broader financial plan. At Unio, we are happy to provide you with the advice you need to make informed decisions about your pension options.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Are you maximising your tax relief?

&lt;p&gt;Central bank activity will ease this week, after the Federal Reserve, Bank of England and Bank of Japan all had rate calls last week. Attention will focus on Europe’s two largest economies, Germany and France, who will both publish inflation data. On the 28th German inflation will be released, the current rate standing at 6.1%. Forecasts expect the rate to drop to 5.9% despite the recent rise in energy prices. On the 29th French inflation data will be announced, the current rate standing at 4.9%. Another key piece of economic data on the 29th is Chinese manufacturing PMI. With the recent slowdown in the world’s second largest economy, it will be interesting to see how manufacturing is holding up.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The second largest discount retailer in the US, Costco, will provide its Q4 performance on the 26th with analysts expecting earnings of $4.73 per share. On the 28th Nike will publish its Q1 earnings. The stock has struggled so far this year down c.20% due to slow growth in foreign markets and increased margin pressure. The challenges in the Chinese market from both a sales and supply chain perspective are proving to be major headwinds for the famous footwear brand.&amp;nbsp;On the same day, consulting firm Accenture will announce its Q4 earnings.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Comments coming from Federal Reserve officials last week suggested that, despite no rate rise this month, the US central bank would continue to tighten monetary policy this year. The hawkish comments pushed 2-year US yields to their highest level since 2006 to 5.16%.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCON2TKMYFNZFHHOMCTI5MFFTC6A?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z9kI&quot; data-contentkey=&quot;MCON2TKMYFNZFHHOMCTI5MFFTC6A&quot; data-cms-filename=&quot;chart of week26092023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCMMRHICQXHNC7HBY5SFYCIJGYCI?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z9kN&quot; data-contentkey=&quot;MCMMRHICQXHNC7HBY5SFYCIJGYCI&quot; data-cms-filename=&quot;equities26092023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bonds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC75IXQLPGERH6JN4EETH7QM34FI?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z9kS&quot; data-contentkey=&quot;MC75IXQLPGERH6JN4EETH7QM34FI&quot; data-cms-filename=&quot;bonds26092023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;span&gt;﻿&lt;/span&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 25.09.2023

&lt;p&gt;&lt;strong&gt;Integration, not confrontation &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;A new development at an otherwise disappointing G20 meeting in India last week was the announcement of a project to create a new India-Middle East-Europe Economic Corridor (railways to ports) as a pillar of the G20’s Global Infrastructure initiative. The key question is whether this infrastructure corridor, and specifically the combination of India and the Gulf/Arabian states could become a new player in the emerging markets landscape?&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Read the report in full:&amp;nbsp;&lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2023/09/UNIO-GMC-September-2023.pdf&quot; target=&quot;_blank&quot;&gt;Unio GMC Outlook - September 2023&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Members of the Unio Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Eunice Dreelan, Terry Devitt, Alex Kinsella, Ger Fitzgerald, Lenny McLoughlin, Mike O&#39;Sullivan, Richard White, Paddy Swan.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Strategists - Aaron Dempsey, Stephen Roche&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Unio Global Macro Council Outlook - September 2023

&lt;p&gt;Ian Brady has been appointed Managing Director of Unio Wealth Management&lt;/p&gt;
&lt;p&gt;Ian brings with him 20 years experience in the wealth management industry serving the needs of high-net-worth individuals and corporations as a Managing Director. Ian also held a number of key roles as a corporate executive and a non-profit board member. He has a deep understanding of global wealth management, the Irish market, and the opportunity for Unio.&lt;/p&gt;
&lt;p&gt;Ian is a Chartered Director, holds QFA and CFP® qualifications and has an MBA from Trinity College Dublin.&lt;/p&gt;
&lt;p&gt;Recently launched, Unio, which is part of global finance giant Great-West Lifeco, brings together the highly successful businesses of Invesco, Acumen &amp;amp; Trust and APT into a single entity with enhanced advisory, investment and client solutions. The firm aims to foster the growth of intergenerational wealth continuity in Ireland through the delivery of global investment solutions bespoke to the specific needs of clients.&lt;/p&gt;
&lt;p&gt;Commenting on the announcement, Des McGarry, CEO of Unio Financial Services said:&lt;/p&gt;
&lt;p&gt;&lt;em&gt;“I’m delighted to announce the appointment of Ian as Managing Director of Unio Wealth Management.&amp;nbsp;Ian brings with him a level of experience and perspective that will be of huge benefit to Unio and I very much look forward to working with him as he leads our highly successful wealth management business.”&amp;nbsp;&amp;nbsp;&lt;/em&gt;&lt;/p&gt;

MD Appointed at Unio Wealth Management

&lt;p&gt;&lt;strong&gt;The Week Ahead&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;After the Jackson Hole Symposium, attention will stay on the US this week. Key dates to look out for include the release of Q2 GDP data on the 30th. In Q1, the US economy expanded by 2%. With elevated interest rates and slowing inflation, economists will be keen to see if growth remains positive for Q2. On the 31st, the core PCE Price Index will be published, an alternative measure to CPI. The current rate from the PCE index is 3%. Finally on the 1st, payroll and unemployment data will be published with the current unemployment rate standing at 3.5%. A strong employment rate may encourage the Federal Reserve to keep rates high.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings Summary &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The majority of the big name companies have published their Q2 earnings by now. A point of note last week was the strong performance of NVIDIA, which crushed analysts expectations with revenue hitting $13.5bn in Q2, and earnings per share (EPS) hitting $2.70. This week, banks such as the Bank of China and UBS will release their quarterly numbers on the 31st. UBS will be of particular interest since its final acquisition of Credit Suisse on the 12th June. On the 30th Salesforce will publish their Q2 earnings.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The BRICS nations are expanding, adding 6 new members. The new group control over 66% of global oil production, 37% of GDP, major trading routes, and over 40% of world population. Additionally, banks in these countries have been encouraged to reduce their USD reserves.&lt;/p&gt;
&lt;p&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCHSNXFUF5VNFIBJVHDWB4IQC4BM?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z8oJ&quot; data-contentkey=&quot;MCHSNXFUF5VNFIBJVHDWB4IQC4BM&quot; data-cms-filename=&quot;Graph of week28082023.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCZZWJBNKPLZAVXILRQLUWIXNWTE?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z8oO&quot; data-contentkey=&quot;MCZZWJBNKPLZAVXILRQLUWIXNWTE&quot; data-cms-filename=&quot;Equities280823.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bonds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCITJCXBUI2ZEJZHYM2H7T4BI3J4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z8oL&quot; data-contentkey=&quot;MCITJCXBUI2ZEJZHYM2H7T4BI3J4&quot; data-cms-filename=&quot;Bonds280823.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 28.08.2023

&lt;p&gt;Unio Wealth Management is delighted to announce two exciting new appointments in the advisory team.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Áine McGroarty has been appointed Head of Business Owners and Professionals.&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Áine has been working in the financial services industry for over 18 years and has extensive experience advising clients from all backgrounds particularly in the SME and Professional Services sector across various industries and services.&lt;/p&gt;
&lt;p&gt;Prior to joining Unio Wealth Management, Áine held roles at Acumen &amp;amp; Trust and was a&amp;nbsp;director of financial planning at wealth management firm, Baseplan, where her role encompassed advisory &amp;amp; financial planning solutions, wealth management, team management, operations, and technical support.&lt;/p&gt;
&lt;p&gt;Áine has completed a Masters in financial services and holds the CFP®, QFA, RPA and SIA designations.&lt;/p&gt;
&lt;p&gt;She has sat as a committee member for the Society of Financial Planners Ireland and the Irish Brokers Association.&lt;/p&gt;
&lt;p&gt;Áine will be taking up the position on her return from maternity leave in 2024.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Conor Murray has been appointed Head of Corporate and Company Executives.&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Conor has worked in Unio Wealth Management since 2016 and has extensive experience advising clients from all backgrounds, particularly in the Corporate and Multinational sector across various industries and services.&lt;/p&gt;
&lt;p&gt;Prior to joining Unio, Conor held positions with Deloitte as well as Independent Trustee Company (ITC).&lt;/p&gt;
&lt;p&gt;He holds the Certified Financial Planner designation (CFP®), QFA, RPA and SIA designations.&lt;/p&gt;
&lt;p&gt;Conor and his team will provide individuals in senior management positions across the corporate and multinational sector specialist advice in relation to their share option schemes, pensions and overall financial planning.&lt;/p&gt;
&lt;p&gt;Conor looks forward to delivering the Unio proposition in line with clients&#39; needs and will be taking up this position with immediate effect.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;We wish Áine and Conor well in their new roles.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Unio has a diverse team of financial professionals, dedicated to achieving a deep understanding of our client&#39;s unique needs.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Learn more about how we can help you. Contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;&lt;/p&gt;

New Appointments

&lt;p&gt;&lt;strong&gt;Till debt do us part&amp;nbsp;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Most Irish people will be uncomfortably familiar with the euro-zone debt crisis, and perhaps nervous when they hear that world debt to GDP is rising again.&lt;/p&gt;
&lt;p&gt;With inflation proving sticky and interest rates rising to historically high levels, debt sustainability is now an issue for some companies, households and countries.&lt;/p&gt;
&lt;p&gt;This month’s Unio Global Macro Council (GMC) Outlook examines the broader global context and asks is Ireland one of the few economies where we can say &#39;this time is different&#39;?&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Read the report in full: &lt;a href=&quot;https://www.unio-eb.ie/wp-content/uploads/2023/08/UNIO-GMC-August-2023.pdf&quot; target=&quot;_blank&quot;&gt;GMC Report August 2023&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Members of the Unio Global Macro Council&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Eunice Dreelan, Terry Devitt, Alex Kinsella, Ger Fitzgerald, Lenny McLoughlin, Mike O&#39;Sullivan, Richard White, Paddy Swan.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Strategists - Aaron Dempsey, Stephen Roche&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Unio Global Macro Council Outlook - August 2023

&lt;p&gt;&lt;strong&gt;The Week Ahead &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;All eyes will turn towards the annual Jackson Hole Symposium in Wyoming, USA this week. The 3 day event, starting on the 24th, will bring together central bankers from across the world to meet and discuss a variety of economic and policy issues of mutual concern. Comments coming from the conference will be closely monitored by market participants as it can gauge the thinking and outlook of global central banks. No doubt the recent slowdown in the Chinese economy, coupled with the Chinese central bank trying to support the Renminbi, will be a main topic of discussion. The net result of Chinese central bank intervention last week saw the spread between 10 year US and Chinese debt widen to its highest level in 16 years.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings Roundup&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The stock of the year, Nvidia will publish its quarterly earnings on the 23rd. The stock is up over 200% this year, with a current P/E ratio of 225. Moreover, news last week of the Middle-Eastern countries buying thousands of high performance Nvidia chips, speaks to the level of demand for their products and the overall growth in A.I. Other companies publishing results this week include China Construction Bank and the Royal Bank of Canada, both on the 24th.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;In recent weeks, the S&amp;amp;P500 has sold off strongly, between mixed earnings, overvaluation and a challenging macro outlook. The sell off has pushed the S&amp;amp;P500 below its 50 day moving average, illustrating weakening technicals for equities as the end of H1.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC4RXFM5NWRFE4BM25YVNRVSWQ5Y?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z8oi&quot; data-contentkey=&quot;MC4RXFM5NWRFE4BM25YVNRVSWQ5Y&quot; data-cms-filename=&quot;Chart of Week210823.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCKP4H6AN5IJHKJFNXD5SLOAWTSI?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z8on&quot; data-contentkey=&quot;MCKP4H6AN5IJHKJFNXD5SLOAWTSI&quot; data-cms-filename=&quot;Equities210823.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bonds&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCRQ6RYHQTBJC77OAYMIK5HY2BLM?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z8op&quot; data-contentkey=&quot;MCRQ6RYHQTBJC77OAYMIK5HY2BLM&quot; data-cms-filename=&quot;Bonds210823.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 21.08.2023

&lt;p&gt;&lt;strong&gt;Ahead This Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The US and Europe will dominate macro news this week, with some key economic releases due out. Up first will be the Federal Reserve’s FOMC minutes for July, published on the 16th. After a stable inflation print last week, the minutes may continue to support the view that rates may remain at a high level for longer than expected. Additionally on the 16th, it’s worth looking out for UK inflation data, with a forecast annual rate of 6.8% for July, down 1% from June. Staying on inflation, the final EU core inflation numbers will be published on the 18th, with analysts expecting the rate to be in line with the initial estimates of 5.5%.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;On the earnings front, some big US retailers will release their quarterly numbers this week. The country’s biggest retailer, Walmart, will publish its Q2 earnings on the 17th, two days after Home Depot announces their quarterly results. Outside of the US, investors will be focused on Tencent Holdings, as the Chinese eCommerce business releases its earnings on the 16th. Analysts will closely monitor Tencent, to see if slowing growth in the Chinese economy has impacted performance.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;At the end of July, US consumer debt broke the €1tr level for the first time ever. The average interest rate on the debt is 22%. Additionally, delinquency rates on credit card loans from small lenders is at 7.1%, its highest ever level.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCC2SZ24EIOBAIRKMEM4624LMPLE?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio Chart of the Week 14082023&quot; data-fileid=&quot;20Y7Q000000z8gj&quot; data-contentkey=&quot;MCC2SZ24EIOBAIRKMEM4624LMPLE&quot; data-cms-filename=&quot;Chart of week14082023.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCDNFIN3OSVNHALBNOV3MLXAESNM?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio Equities Chart 14082023&quot; data-fileid=&quot;20Y7Q000000z8gg&quot; data-contentkey=&quot;MCDNFIN3OSVNHALBNOV3MLXAESNM&quot; data-cms-filename=&quot;Equities14082023.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCULUBMR6W3VFQHF5E2VFT2474ME?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000z8od&quot; data-contentkey=&quot;MCULUBMR6W3VFQHF5E2VFT2474ME&quot; data-cms-filename=&quot;Bonds14082023.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 14.08.2023

&lt;p&gt;Delighted to introduce Unio Wealth Management&#39;s Cork and Dublin Advisory teams.&lt;/p&gt;
&lt;p&gt;Unio has a diverse team of financial professionals, dedicated to achieving a deep understanding of our client&#39;s unique needs.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Cork &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Back row L-R: Andy Morgans; Michael O&#39;Sullivan; Conor Crowley; Miriam Bourke; Des McGarry, Managing Director; Tracey Worth; Bevan Cantrell; John Lucey; and, Stephen Barry. Front Row L-R: Caroline Hussey; Niall Murphy; Josephine Cussen; Eamon Dwyer; Sarah Dunlea; and, Sean Keigher.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCWMEQHCA5CZAD3CP6VUVOBVT5TA?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Picture of Unio Wealth Management&#39;s Cork advisory team taken at Hayfield Manor Cork in March 2023.&quot; data-fileid=&quot;20Y7Q000000iVas&quot; data-contentkey=&quot;MCWMEQHCA5CZAD3CP6VUVOBVT5TA&quot; data-cms-filename=&quot;Unio Wealth Management Cork Advisory Team 300323.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Dublin&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Delighted to introduce our Dublin advisory team Back L-R: Padhraic Kelly, Conor Crowley; Des McGarry, Managing Director; Cillian O’Dea; David Robb; and, Damien G Kenny. 2nd row L-R: Richard White; Paddy Swan: David Moran; Conor Murray; Ronan Dunne; and, Miċeál Gunning. Front row L-R: Kate Gallagher and Aine McGroarty.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCIJLWKJVRPJFHPMYM6NCRULT3ZE?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000iVan&quot; data-contentkey=&quot;MCIJLWKJVRPJFHPMYM6NCRULT3ZE&quot; data-cms-filename=&quot;Dublin Advisory Team 310323.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;.&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Meet the team

&lt;p&gt;Join our Head of Investment Strategy, Ger Fitzgerald and Head of Investment Solutions, Alex Kinsella as they discuss key market drivers to watch out for this month:&lt;/p&gt;
&lt;p&gt;- Central Bank(s) rates pause&lt;/p&gt;
&lt;p&gt;- Q2 corporate earnings proving resilient&lt;/p&gt;
&lt;p&gt;- China growth stuttering&lt;/p&gt;
&lt;p&gt;- Pick up in geopolitical risk&lt;/p&gt;
&lt;p&gt;- Inflation remains a key driving force for markets&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;To find out more, watch the video below.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/852756115/&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;

Unio August Market Update

&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/852740627/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Ahead This Week&amp;nbsp;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;It’s a relatively quiet week in relation to economic data. Last week, the Bank of England raised its base interest rate by 25bps to 5.25%, its highest level in 15 years. More worrying, the rating agency Fitch downgraded US debt to AA+. The US will continue to be in the spotlight this week, as monthly inflation data will be released on the 10th. Economists predict inflation to fall to 4.7% however the focus will be on core inflation, and whether it has continued to fall. That news will be followed by quarterly GDP data in the UK, released on the 11th. In Q1, GDP in the UK was 0%, so a contraction is possible, given the rise in interest rates.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;From an earnings perspective, attention will be focused on some tech and entertainment brands. Up first will be Walt Disney, whose earnings will be published on the 9th with investors eager to hear Bob Iger’s plans to improve performance. On the same day, Sony will release their Q1 earnings. Following that, Alibaba Holdings will publish their earnings on the 10th. As growth continues to slow in China, it will be interesting to see if it impacts the bottom line for the e-commerce platform.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;In April, Tupperware, the food container brand, announced it may go out of business. Since then, the stock is up over 700%. Sales have been slowing while the interest on its $700m debt has crippled cash flows however, a new debt restructuring plan has resulted in retail investors pouring money into the company.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCK4AMBPTAVFC7HLL2TJKJRQBVK4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio Chart of the week_Tupperware brands&quot; data-fileid=&quot;20Y7Q000000z6p5&quot; data-contentkey=&quot;MCK4AMBPTAVFC7HLL2TJKJRQBVK4&quot; data-cms-filename=&quot;Tupperware brands 08.08.2023.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCQOM6XA76ZFG4JHRH22OHBJHPDY?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio equities chart 08.08.2023&quot; data-fileid=&quot;20Y7Q000000z6pA&quot; data-contentkey=&quot;MCQOM6XA76ZFG4JHRH22OHBJHPDY&quot; data-cms-filename=&quot;equities 08.08.2023.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MC5DUUNHZEPJFVHH4DL52LXQYMPY?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio Bonds Chart 08.08.2023&quot; data-fileid=&quot;20Y7Q000000z6pF&quot; data-contentkey=&quot;MC5DUUNHZEPJFVHH4DL52LXQYMPY&quot; data-cms-filename=&quot;Bonds 08.08.2023.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 08.08.2023

&lt;p&gt;Mike O&#39;Sullivan, Strategic Adviser to&amp;nbsp;Unio Wealth Management&amp;nbsp;joined&amp;nbsp;Newstalk&#39;s&amp;nbsp;Joe Lynam&amp;nbsp;to discuss events of the week in business and markets.&lt;/p&gt;
&lt;p&gt;Among todays main business stories: Paris and Amsterdam becoming financial power houses in the post-Brexit era; the TikTok backlash on handling of children&#39;s data; the Bank of England&#39;s forecasting model under scrutiny; and, a closer look at Apple&#39;s results as tech stocks rise.&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://open.spotify.com/episode/4GSCgHRTZVWSZ2a3Aw941m?si=s4wSc7jpSxqWbu72QTQbMA&quot; target=&quot;_blank&quot;&gt;Listen here on Spotify&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Unio on Newstalk Breakfast Business

&lt;p&gt;&lt;strong&gt;Ahead This Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;After a hugely eventful week last week, whereby the Federal Reserve and ECB raised rates by 25bps to 5.5% and 3.75% respectively, attention will now turn to the Bank of England. The UK central bank will discuss the possibility of raising interest rates further, on &lt;strong&gt;August 3rd&lt;/strong&gt;. With inflation looking like it could be easing, it may take pressure off the bank to be as aggressive in their rate raising program. On &lt;strong&gt;August 4th&lt;/strong&gt;, unemployment and non-farm payroll data will be released in the US, with the unemployment rate expected to stay at 3.6%.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Q2 Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;On the earnings front, the world’s biggest company by market cap, Apple, will release their quarterly earnings on &lt;strong&gt;August 3rd&lt;/strong&gt;. The stock is up c. 57% YTD, with analysts expecting the tech giant to beat earnings forecast, led by strong growth in its Mac and service segments. Investors will also be keen to get an update on the Vision Pro headset, which is expected to be released in the US early next year. Toyota, the world’s leading car manufacturer, will post its quarterly earnings on &lt;strong&gt;August 1st&lt;/strong&gt; along with leading coffee franchise, Starbucks.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The Bank of Japan has eased its yield curve control, leading to a sharp rise in the country’s benchmark bond yield, to its highest level in 9 years. The bank added that it was technically maintaining the 0.5% yield cap but is using it now as a ‘reference’ rather than a ‘limit’ rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCRYV7ATP36JAI3IOCDLCGPK2D3A?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000iXpS&quot; data-contentkey=&quot;MCRYV7ATP36JAI3IOCDLCGPK2D3A&quot; data-cms-filename=&quot;graph of week 310723.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Weekly global equities chart, tracking the performance of major stock markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCCLEO25WGDVFKXBRVSI2Y4BJOS4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio weekly equities chart 310723&quot; data-fileid=&quot;20Y7Q000000iXpX&quot; data-contentkey=&quot;MCCLEO25WGDVFKXBRVSI2Y4BJOS4&quot; data-cms-filename=&quot;equities 310723.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Monitoring the fluctuations in bond yields across international markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCCDP7HYA6T5BHHMTCKBQCNCP7SM?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Unio weekly bonds chart 310723&quot; data-fileid=&quot;20Y7Q000000iXpc&quot; data-contentkey=&quot;MCCDP7HYA6T5BHHMTCKBQCNCP7SM&quot; data-cms-filename=&quot;bonds 310723.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How can we help?&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your Unio adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 31.07.2023

&lt;p&gt;&lt;strong&gt;The Wealth Evolution&lt;/strong&gt; is a&lt;strong&gt; &lt;/strong&gt;new podcast that charts Ireland’s emerging investment culture. Brought to you by Mike O’Sullivan in association with Unio Wealth Management.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Episode 1:&lt;/strong&gt; &lt;strong&gt;The New World Order. &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Join host, Mike O’Sullivan and guests: Prof Tony Shorrocks, British development economist and leading authority on wealth data; Stefan Gerlach, Chief Economist at EFG Bank, Zurich; and, social historian Prof Sean O’Riain, Maynooth University as they explore Ireland’s economic development, traditional attitudes towards money and ask what does a well-functioning financial system look like? &lt;a href=&quot;https://open.spotify.com/episode/3r0EfmAp1C9YV9kcn3Z9pr?si=b700eb7be29d4bae&quot; target=&quot;_blank&quot;&gt;Listen here on Spotify.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Thank you to our guest contributors on this episode Prof Tony Shorrocks, Stefan Gerlach and Prof Sean O&#39;Riain.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Episode 2: The New Wealth Generation.&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Join host Mike O’Sullivan and guests Ellen Kelly, co-founder of Savvy, a sustainable fintech platform and Sinead O’Sullivan, vc fund founder, aerospace engineer and strategy lead at Harvard Business School&#39;s Institute for Strategy and Competitiveness, as they explore various aspects of Ireland’s investment journey; the importance of investment literacy and education; the concept of sustainable investing; the preferences and attitudes of the next generation of investors and the challenges faced by traditional financial institutions in meeting their needs.&lt;a href=&quot;https://open.spotify.com/episode/42bRqgJ9KGWF0PvGLzY1Sb?si=7ee010e7fd85439f&quot; target=&quot;_blank&quot;&gt; Listen here on Spotify&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Thank you to or guest contributors on this episode Ellen Kelly and Sinead O&#39;Sullivan&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;The Wealth Evolution is available on the following apps: &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://podcasts.apple.com/us/podcast/the-wealth-evolution/id1694010685&quot; target=&quot;_blank&quot;&gt;Apple&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://open.spotify.com/show/0g26W0VZNiZPyiAB0M26nb?si=add464d5811b42f1&quot; target=&quot;_blank&quot;&gt;Spotify&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://amzn.eu/d/3RtEk7z&quot; target=&quot;_blank&quot;&gt;Amazon &lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;&amp;nbsp;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Tune into The Wealth Evolution

&lt;p&gt;&lt;strong&gt;Ahead This Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;It’s a very busy week on the macro and earnings front. Looking at central banks, the Federal Reserve will make an interest rate call on the 26th. At the last meeting, the bank halted its rate rising program, however, economists anticipate a 25bps increase in the base rate to 5.25% despite lower inflation and strong GDP data. On the 27th the ECB will make a decision with forecasts pointing to another 25bps hike to 4.25%. Although the bloc is in a recession, inflation remains high and relatively sticky. And finally on Friday, the Bank of Japan will make its call, with their ultra-loose monetary policy expected to stay in place. The current rate is -0.1%.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Q2 Earnings&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Some of the big tech names are due to publish their quarterly results. Up first is Microsoft on the 25th. Only last week, shares in Microsoft hit an all-time high ($359.49) after releasing pricing levels for subscription to their new A.I. service. On the same day, Alphabet will publish their Q2 earnings followed by Amazon on the 27th. On the topic of financial sector strength mentioned last week, keep an eye out for Visa earnings on the 25th. US credit card debt remains at record highs, which should no doubt result in strong earnings for Visa.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;After 2 weeks of earnings, results have been mixed. In total 54% have beaten their earnings forecast, 5% have met their target earnings, whilst 40% have missed their forecast. The graph below gives the breakdown of each sector and the % of companies that have reported.&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCZH4V4BYE4VDBPP5QVGIQJHHNHI?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Image of Unio Chart of the Week&quot; data-fileid=&quot;20Y7Q000000iWNn&quot; data-contentkey=&quot;MCZH4V4BYE4VDBPP5QVGIQJHHNHI&quot; data-cms-filename=&quot;Chart of week240723.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities &lt;/strong&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCURKY7HK2BZAWPNPKFYOFXARBLI?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Picture of Unio Equities Chart 240723&quot; data-fileid=&quot;20Y7Q000000iWNs&quot; data-contentkey=&quot;MCURKY7HK2BZAWPNPKFYOFXARBLI&quot; data-cms-filename=&quot;Equities240723.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCLRMWX7LAURBGTMAR7ZLIQH63TI?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;image of Unio Bonds Yield Chart 240723&quot; data-fileid=&quot;20Y7Q000000iWNx&quot; data-contentkey=&quot;MCLRMWX7LAURBGTMAR7ZLIQH63TI&quot; data-cms-filename=&quot;Bonds240723.png&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 24.07.2023

&lt;p&gt;This month&#39;s Global Macro Council (GMC) report looks at global equity prices.&lt;/p&gt;
&lt;p&gt;&quot;The tech bubble of 2000 provides a clue as to why valuations are so high today. Valuations for the tech sector, especially the small number of &#39;mega cap&#39; companies with AI capabilities, are at an all time high&quot;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Access the report in full: &lt;/strong&gt;&lt;a href=&quot;https://unio.my.salesforce.com/sfc/p/7Q000006G3wg/a/7Q000000HOOG/cHoenQv8t96a6zOte7K7BL8BpoCrY8zlRvVmVnHYCCM&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;GMC Report July 2023&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council (GMC)&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Global Equity Prices: Reassuringly Expensive

&lt;p&gt;&lt;strong&gt;Ahead This Week&amp;nbsp;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Once again, we will be focusing on inflation data after releases last week from the US and China indicated a continued cooldown in global inflation. The annual core rate in the US came in 0.5% below the previous rate which was better than expected. This week the 3rd and 5th largest world economies, Japan and the UK, along with the EU will be hoping to see a similar trend. The UK post their core inflation data on the 19th with an expected rate of 7.1%. The EU will also report on this day with analysts forecasting a 0.1% increase from the previous rate. Finally, Japan will then report on the 21st hoping for lower than the previous rate of 3.2%.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Q2 Earnings&amp;nbsp;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;On the earnings front, attention this week will turn to the Q2 earnings reports of some of the world’s largest companies. Bank of America and Morgan Stanley will both report on the 18th. Investors&#39; primary focus will be on the strength of lending revenues after other banks posted strong net interest income (difference between revenue from interest bearing assets and the cost of servicing liabilities) numbers last week. The world’s most valuable car manufacturer, Tesla, follows with its report on the 19th. Investors will be looking to see any impact on margins from recent price cuts and may get more details on the plans for a new “Giga-factory” in India. Finally, Netflix will reveal its Q2 report on the 19th.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Chart of the Week&amp;nbsp;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The S&amp;amp;P500 has reached its highest level since March last year, just after the outbreak of the Ukraine war. Last week the S&amp;amp;P500 broke the 4,500 mark as tech stocks continue to drive the rally. Year to date performance is 18.4%.&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCIUS6WW4EQ5D5ZKY7APYU3NJK34?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Image of Chart of the Week 17072023&quot; data-fileid=&quot;20Y7Q000000iWIs&quot; data-contentkey=&quot;MCIUS6WW4EQ5D5ZKY7APYU3NJK34&quot; data-cms-filename=&quot;Chart of the Week 170723.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Equities&lt;/strong&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCB23SD2R2AJFBLLPDSGBJIF45PU?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000iWIx&quot; data-contentkey=&quot;MCB23SD2R2AJFBLLPDSGBJIF45PU&quot; data-cms-filename=&quot;Equities 170723.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Bond Yields&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCRDP6ROG5MJFDPHDGBCTGL5GPT4?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; alt=&quot;Bond Yields Chart 17th July 2023&quot; data-fileid=&quot;20Y7Q000000iWJ2&quot; data-contentkey=&quot;MCRDP6ROG5MJFDPHDGBCTGL5GPT4&quot; data-cms-filename=&quot;Bonds 170723.jpg&quot;&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Week Ahead 17.07.2023

&lt;p&gt;Join our Head of Investment Strategy, Gerald Fitzgerald and Head of Investment Solutions, Alex Kinsella as they discuss key market drivers to watch out for this month: strong returns in global equities; the durability of US growth; US tech supremacy; high core inflation; and, Central Bank policy in the US and Europe.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/842003579/&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Unio July Market Update

&lt;h4 style=&quot;text-align: center;&quot;&gt;Clearview now becomes part of Unio, one of Ireland’s largest wealth management advisory firms&lt;/h4&gt;
&lt;p style=&quot;text-align: center;&quot;&gt;&lt;br&gt;&lt;/p&gt;
&lt;p style=&quot;text-align: center;&quot;&gt;&lt;img src=&quot;https://unio.my.salesforce.com/cms/delivery/media/MCZ53A2VBIOZBKPOGJIUAQ6FPPGA?oid=00D7Q000006G3wgUAC&amp;amp;channelId=0ap7Q000000go4UQAQ&quot; data-fileid=&quot;20Y7Q000000iVce&quot; data-contentkey=&quot;MCZ53A2VBIOZBKPOGJIUAQ6FPPGA&quot; data-cms-filename=&quot;Unio Wealth Management _Clearview release.jpg&quot;&gt;&lt;/p&gt;
&lt;p style=&quot;text-align: center;&quot;&gt;Pictured [L-R] are Eamon Dwyer, Private Client Adviser, Unio; Catherine Danaher, Private Client Adviser, Clearview; Des McGarry, Managing Director, Unio; Caroline Hussey, Private Client Adviser, Unio; and, John Lucey, Director, Unio.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Limerick, 26 June 2023. &lt;/strong&gt;Unio Wealth Management, the recently launched wealth management advisory firm today welcomes Clearview into the business.&lt;strong&gt; &lt;/strong&gt;Unio is&lt;strong&gt; &lt;/strong&gt;part of the global financial services giant&lt;strong&gt; &lt;/strong&gt;Great-West Lifeco through its Irish operation Irish Life Group.&amp;nbsp;Unio&amp;nbsp;brought together&amp;nbsp;the highly successful businesses of Invesco, Acumen &amp;amp; Trust,&amp;nbsp;APT&amp;nbsp;and Clearview&amp;nbsp;is an exciting addition to the team.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Unio Wealth Management,&amp;nbsp;with offices in Limerick, Cork and Dublin,&amp;nbsp;oversees c. €14bn&amp;nbsp;of assets on behalf of personal and corporate clients and aims to significantly grow this position&amp;nbsp;over the coming years.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Wealth in Ireland continues to evolve, and the country is seeing the first real wave of intergenerational wealth transfer. Unio offers independent advice with robust investment opportunities to meet the specific requirements of its personal and corporate clients.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Joining the Unio brand, Clearview clients will have access to enhanced services including a market leading investment consultancy team and an expanded advisory team. Over the coming months, Clearview clients will gain access to the Unio client portal providing up-to-date valuations of all investments and a range of other services.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;strong&gt;Commenting on this transfer, Catherine Danaher, Private Client Adviser Clearview; &lt;/strong&gt;&lt;em&gt;“I am pleased to announce that Clearview is now part of Unio Wealth Management.&amp;nbsp;I look forward to working alongside the Unio investment and advisory teams and our colleagues across Great-West Lifeco to bring exciting opportunities to our clients.”&lt;/em&gt;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;strong&gt;John Lucey, Director, Unio Wealth Management, says;&lt;/strong&gt; “&lt;em&gt;I am delighted to welcome Clearview Investments and Pensions to Unio Wealth Management. Unio brought together highly experienced investment consultants and advisers, I have no doubt Clearview clients will benefit from the enhanced scale and opportunities ahead.”&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;&amp;nbsp;&lt;/em&gt;&amp;lt;Ends&amp;gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Limerick’s Clearview Investments and Pensions Limited joins Unio Wealth Management

&lt;p&gt;This month&#39;s Global Macro Council (GMC) report discusses the world of AI.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;&quot;Our sense is that analysts, innovators and investors are only beginning to understand the broad implications of AI for economies and societies. At a sector level, there are exciting developments in the industrial metaverse: the use of digital twins to help design buildings and supply chains, high intensity and quantum computing, medical analysis and more intense mining of data. Indeed, the owners of complex, deep sets of data will be amongst the chief beneficiaries of AI.&quot;&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Access the report in full: &lt;a href=&quot;https://unio.my.salesforce.com/sfc/p/7Q000006G3wg/a/7Q000000HKO5/nqoptmAXRIqj8scVjl_AZD_bXbyJ49.mk39wfmV7_hs&quot; target=&quot;_blank&quot;&gt;GMC Report June 2023&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council (GMC) &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy&amp;nbsp;challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook.&amp;nbsp;Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

AI = All In?

&lt;p&gt;Mike O&#39;Sullivan, Director and Strategic Adviser, Unio Wealth Management joined Newstalk&#39;s Joe Lynam on Breakfast Business this morning to discuss events of the week in business and markets - another ECB rate hike with more to come; cardboard boxes as an indicator of global trade; world of tightening liquidity vs tech bubble; and, the &#39;Beyoncé effect&#39;.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://open.spotify.com/episode/4OKLUdIzcMttAdAkwnSTBa?si=tRgSfFSER8a8-RrBkCidhg&quot; target=&quot;_blank&quot;&gt;Listen back on Spotify&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;&amp;nbsp;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Newstalk - A look at business papers and markets

&lt;p&gt;Join our Head of Investment Solutions, Alex Kinsella and Head of Investment Strategy, Gerald Fitzgerald as they discuss recent market performance and key drivers to watch out for this month.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/832684631/&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;&amp;nbsp;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Market Update June 2023

&lt;p&gt;Pictured above at the&amp;nbsp;Unio Wealth Management launch on Tuesday, 30th May at Hayfield Manor L-R: Eamon Dwyer, Private Client Adviser; Des McGarry, Managing Director; Josephine Cussen, Private Client Adviser; and, John Lucey, Director, Unio Wealth Management.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The following article was published in the Irish Examiner on Friday, 2nd June 2023 in a feature about the launch of Unio Wealth Management. &lt;a href=&quot;https://unio.my.salesforce.com/sfc/p/7Q000006G3wg/a/7Q000000HHGD/v7s01B1KpM31H7oBMtTKJWoHfMhlLJpUt7IWZ4HaCTE&quot; target=&quot;_blank&quot;&gt;You may access the full article here.&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The debt ceiling debate in America is a reminder that with interest rates rising world debt levels are still too high, and that credit stress will at some stage return to markets. This may lead many to imagine that Ireland could suffer another debilitating downturn – psychologically consumers and investors often expect a repeat of the last crisis, and in particular the euro-zone crisis is still etched deep on memories.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Ireland however is most likely to ‘fail to fail’ in the sense that its economy and financial system are more robust than before, and in the context of a global downturn, it would likely be one of the relatively better off economies.&lt;/p&gt;
&lt;p&gt;However, the fact that the economy has de-risked post the collapse of the Celtic Tiger does not mean it is better or more dynamic. Indeed, the fact that policy makers have been in crisis mode for the last twelve years – euro-zone crisis, housing and COVID crises – has obscured a number of structural changes and deficiencies in the economy.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;One that is pronounced is the fact that Ireland has become a relatively wealthy country in a short space of time, though the investment infrastructure that would normally exist to support and channel that level of wealth has not yet been built and this may be one reason why Irish people are so driven to invest in property and why cash levels are also very high.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;If we measure wealth as the value of property (less debt) and financial investments, then average wealth per adult in Ireland is close to USD 260,000, roughly the same as Japan and Germany, and just below the UK according to data from Professor Tony Shorrocks and Prof Jim Davies. Wealth in the US is much higher, at close to USD 600,000 while Switzerland is the country with the wealthiest people, with wealth per adult close to USD 700,000. It is also worth mentioning that nearly half the world&#39;s rich or ultra-high net worth individuals live in the US.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;On the other hand, China has wealth per adult of close to USD 76,000 which has risen quickly over the past twenty years and unlike other emerging economies such as India, Chinese wealth is broadly distributed across a large, emerging middle class.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Ireland is undergoing a wealth evolution for a number of reasons – the economic structure of the country has changed under the steam of globalisation, the role of multinationals has brought expertise to Ireland and has also made executives wealthy through access to stock based compensation. For example, Apple with a large plant in Cork is some sixty times the size of Ford, the largest employer there in the 1980’s. In addition, Irish entrepreneurs are much better at starting and sustaining businesses and taking these to other marketplaces.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In addition, there has been a sizeable effect on wealth in Ireland through the rise in property prices, and in the case of most countries – usually emerging markets – that undergo a wealth evolution, wealth inequality rises. In Ireland’s case the rise in property prices is spilling over as economists like to put it and creating social problems.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;This is one issue that underlines that Ireland does not have a well-developed investment infrastructure, nor does it have a coherent, working framework for such an infrastructure. The same could be said for its defence and security infrastructure – and the point of this is to emphasise the fact that change in Ireland’s economy and society have been so sudden, that it has not built up the infrastructure to accommodate that, that we would find in other peer small advanced economies like Denmark, Sweden or Singapore.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The role of an investment infrastructure is ideally, to channel money from Irish savings to investment in the domestic economy, and to an extent also give Irish investors access to returns on international investments. As such, if we count the number of wealth managers, private equity and venture capital firms in Ireland, not to mention digital wealth managers, they are very few – again compared to other peer economies.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;There are a number of reasons as to why this investment infrastructure has so far been stunted – one is a general lack of expertise and experience. A second has been the shock that the economic crisis in Ireland has had on the financial system in terms of the willingness to innovate and the provision of capital to do so. A related factor is regulation, which again in the aftermath of the crisis has been strict.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At the same time, there are some good examples of state led investment infrastructure – such as the state investment fund (ISIF), and the proposal to once again set up an Irish sovereign wealth fund.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;As Ireland emerges from multiple crises, it is time to think broadly in terms of infrastructure building. In the case of investment infrastructure there are a few components to focus on.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The first is that several other small economies (from Switzerland’s ‘Finanzplatz’ to Singapore to the UAE) have plans or frameworks for how they want to develop their financial centres and operationalise this in terms of skill sets and regulation. These are generally more complete than what Irish policy makers have in place and are a good guide as our financial sector moves very broadly from fund administration to investment management proper. Indeed, many of these smaller financial centres are more pertinent examples for Ireland than London, where the City is still digesting the side effects of Brexit.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Another element is to improve financial education and literacy (the central bank is beginning to drive this) in the context of an economy where many people feel put off discussing investments, or at the other extreme where there is a culture of speculation. Culturally, wealth is not something we feel at ease discussing. Given that this is effectively the first time that Ireland is seeing an intergenerational transfer of wealth, the need to support these debates is critical, not least in the light of the housing crisis and the high exposure of the economy to foreign direct investment.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;As a final point there are a number of further areas where policy makers can steer the development of a much more developed and forward-looking investment infrastructure. One example is to take the idea of strategic autonomy – that Europe needs to have competences in key sectors like green energy and semiconductors – and ask what role Ireland plays in this in terms of the sectors it seeks to develop, and then look to craft investment infrastructure such as ‘green lending’ around this.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;Mike O&#39;Sullivan, international investment expert, is a board director and strategic adviser at Unio Wealth Management.&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at&amp;nbsp;&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Disruptive New Player in Irish Wealth Advice Market

&lt;p&gt;The debt ceiling debate has kicked off, and the great difference this time is the extreme levels of polarisation across the political divide in the US.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The debt ceiling stems from a provision in the constitution that states that only Congress can authorise borrowing on behalf of the US, and a 1917 act stipulates a limit on this debt (today’s limit is USD 31.4 trillion), that can be adjusted by consent of Congress. Today’s higher interest rates complicates matters – the US spends more on interest payments than defence.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Presidents with a friendly Congress (for instance George W Bush received eight debt ceiling increases) do not need to worry much about this fiscal hurdle, however it becomes weaponised in the face of a ‘cohabitation’.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The debt ceiling debate has gotten a little out of control before. Memorably for investors in 2011, as the deadline approached, the US debt was downgraded by S&amp;amp;P from AAA to AA+, provoking a slide in markets. In 2013, the debt ceiling debate ran right to the limit.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;There is no reason for the debt ceiling to be a market issue, except for perhaps three questions – the willingness of markets to participate in the ‘debt’ theatre, the historic levels of bitterness across the American political spectrum, and an amalgam of economic faultlines, the most pressing of which is weakness in the US regional banking sector.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The timing of any debt ceiling imbroglio will depend on the exact moment that the Treasury runs out of money. Janet Yellen has stated that this could happen in early June but interest rate and money market pricing suggests close to July for a default event.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3 style=&quot;text-align: justify;&quot;&gt;Our View: 3 Scenarios&lt;/h3&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;strong&gt;Bi-partisanship (15%) &lt;/strong&gt;– President Joe Biden, when he was a senator, was renowned for his bi-partisanship and the friendships he cultivated on both sides of the House. That era is gone now, and American politics is radicalised. Under current party structures, there is no incentive – absent an external threat – for politicians to come together and pragmatically pass a ceiling increase. That is why this ‘grown-up’ scenario is a low probability. Indeed, the only thing that might send the Democrats and Republicans rushing into each other’s arms is a banking crisis.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;strong&gt;Chicken (70%) &lt;/strong&gt;– in this scenario, the Democrats and Republicans bicker till the last minute, with the Republicans trying to curb the spending power of the administration as a quid pro quo for voting the debt ceiling increase. The important element here is how complicit markets are – if we see a spike in equity volatility, a deepening of the credit crunch and loud warnings of the ‘end of the dollar’ and American financial hegemony, then a ceiling rise will be passed. Overhanging this is the risk of a credit crunch and a periphery crisis in banking. The risks could very easily become the real problem and dwarf the ceiling debate. Two other factors to note here are that a drawn out ceiling debate will result in less market liquidity in Q3 and an eventual deal might produce a minor, negative fiscal shock.&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;strong&gt;Cliff-hanger (15%) &lt;/strong&gt;– the risk here is that enough Republicans (i.e. McCarthy) are in thrall to Donald Trump that they are willing to do to America’s financial reputation what he has done to American democracy, and that a historic default becomes likely. Such a scenario is not as wild as we might have thought six years ago, but it would likely be preceded by the enacting of Treasury emergency financing plans and stern words from the Chair of the Federal Reserve. A formal default may not happen, but it could come close.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council (GMC)&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention upgrading our investment process for a changed world. In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook. Meeting monthly, the Council produces the Global Macro Council Report.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Demystifying the Debt Ceiling Debate

&lt;p&gt;&lt;strong&gt;Global Macro Council Outlook – May 2023&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;&quot;Mighty Dollar? With the dollar having dropped back from highs in recent months, and talk in the press growing about the end of the dollar, this month our Global Macro Council (GMC) discusses the outlook for currencies.&quot; &lt;/em&gt;&lt;a href=&quot;https://bit.ly/3o4p0ev&quot; target=&quot;_blank&quot;&gt;Read more&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;About the Global Macro Council (GMC)&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;With the investment climate and world economy&amp;nbsp;challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention upgrading our investment process for a changed world.&amp;nbsp;In terms of new governance, we have created the&lt;strong&gt; Global Macro Council (GMC)&lt;/strong&gt; to analyse macroeconomic developments and explain the impact on investments. The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook.&amp;nbsp;Meeting monthly, the Council produces the Global Macro Council Report.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at&lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt; info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Global Macro Council Outlook: May 2023

&lt;p&gt;There likely needs to be a bigger debate on the role of Ireland’s investment infrastructure as the basis to support our domestic economic growth, according to international investment expert and strategic adviser to Unio, Mike O’Sullivan.&lt;/p&gt;
&lt;p&gt;Ireland is returning to normal following the historic visit of US President Joe Biden two weeks ago, he said. “One of the important contributions of the visit came from the Ceann Comhairle Séan Ó Fearghaíl who hailed Ireland ‘as a multicultural, progressive nation benefiting enormously from an inflow of immigrants who have arrived on our shores from across the world’.”&lt;/p&gt;
&lt;p&gt;“Doubtless Donald Trump will also take note of this on his coming visit, but the statement underlies the dramatic way Ireland has changed since the rise of globalisation in the 1990s.”&lt;/p&gt;
&lt;p&gt;O’Sullivan said that very few other countries have changed as much as Ireland has, apart from the Asian ‘Tigers’, select Baltic states, Chile and the Gulf States.&lt;/p&gt;
&lt;p&gt;“While some of these have relatively large, powerful financial centres, Ireland has not and there is a sense that the change in our economy and society has not been matched by a growth in infrastructure across a range of areas – security and defence is a notable one, as is housing and the way we welcome migrants. Wealth and asset management is another example,” O’Sullivan said.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Investment infrastructure needed&lt;/h3&gt;
&lt;p&gt;According to the most recent Credit Suisse Wealth Report, Ireland now has roughly the same wealth per adult as Germany, Austria and Japan, and just below that of the UK (calculated as property, investments less debt).&lt;/p&gt;
&lt;p&gt;O’Sullivan said that compared to peer countries Ireland has far fewer private equity firms, venture capital houses and wealth and asset managers.&lt;/p&gt;
&lt;p&gt;“In general, its investment infrastructure is not yet well developed. This matters because these investment firms effectively form the pipelines that transmit savings into productive investments and in particular should make capital available to fuel a vibrant domestic economy,” he said.&lt;/p&gt;
&lt;p&gt;“It is well known that our economy remains overly reliant on investment by multinationals, and that there is over-investment in property, and, arguably, cash deposits are also very high. Ideally, there should be more Irish wealth invested in international, diversified portfolios.&lt;/p&gt;
&lt;p&gt;“The lack of wealth infrastructure contributes to an imbalanced economy: the domestic industrial sector is not yet big enough and of course overallocation to housing is causing a national crisis.”&lt;/p&gt;
&lt;p&gt;He said that this is effectively the first generation of ‘wealthy’ Irish people – those who have built wealth from creating business and through their careers. Notably, women are a big part of this.&lt;/p&gt;
&lt;p&gt;“Specifically, the Credit Suisse Wealth report estimates that there are over 176,000 adults in Ireland with net wealth over $1 million. This is a relatively large number of people, the majority of whom may not regard themselves as ‘wealthy’, but when the value of pensions, property, business interests and investments is added together this leads to a significant amount in many cases.&lt;/p&gt;
&lt;p&gt;“As such, there are many Irish people who are ‘under-advised’ in terms of their wealth, and this points to a growing need for a more developed investment infrastructure in Ireland. What is also needed is a new way of thinking about and discussing wealth. There are perhaps two points to emphasise here.”&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Demystifying markets&lt;/h3&gt;
&lt;p&gt;O’Sullivan said that investment is an odd area where normally clever and well-informed people ‘freeze’. “For example, in 2018 a study undertaken for Bank of America found that 61 per cent of women would rather talk about their own death than money. And, when it comes to money, women are more honest and open than men.&lt;/p&gt;
&lt;p&gt;“In that context, there is a great challenge for asset and wealth managers to on one hand be rigorous in investing people’s capital, but very importantly to ‘demystify’ markets and be very clear in telling clients what they are doing with their money.”&lt;/p&gt;
&lt;p&gt;He said that the way we talk about wealth needs to change. “We need to become more open, and there likely needs to be a bigger debate on the role of wealth in Ireland as the basis for domestic economic growth and the way it influences the society we want. Wealth inequality, and investment into more sustainable ‘new economy’ sectors, are just two emerging facets of this debate.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;End of globalisation&lt;/h3&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;“Joining the two of these topics is the idea of wealth continuity – or the passing of wealth from the current to the next generation, which is a passage that can cross different types of investment strategy (from property to impact-led investment) and very different levels of investment literacy.”&lt;/p&gt;
&lt;p&gt;Looming over the trend of emerging wealth in Ireland, and over our economy, is the very big picture issue of the end of globalisation. “As one of the most globalised economies in the world, the fact that high inflation, rising interest rates and war in Europe have ruptured globalisation should be a profound worry,” he said.&lt;/p&gt;
&lt;p&gt;“In the asset and wealth management industries, these elements are playing out in a volatile way – witness the near collapse of the UK pension system last autumn and the way in which persistently high rates are stressing the banking sector.&lt;/p&gt;
&lt;p&gt;“This kind of investment climate requires careful navigation and will likely continue to disrupt pockets of the financial sector globally and corners of the world economy. It heightens the need for good investment advice.”&lt;/p&gt;
&lt;p&gt;O’Sullivan said that, given the likelihood that this uncertainty proves enduring – for example, that high interest rates are here to stay and that the technology sector is disrupted and complicated by geo-politics – in the context of a still very underdeveloped investment sector in Ireland, we must think carefully about the investment infrastructure the country needs and then map this out.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&amp;lt;Ends&amp;gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;This article appeared in the Business Post on Sunday, 30th April, 2023. &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Access the article here: &lt;/strong&gt;&lt;a href=&quot;https://www.businesspost.ie/commercial-reports/ireland-needs-a-debate-on-investment-infrastructure-and-wealth-management/&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;&lt;em&gt;Ireland needs a debate on infrastructure and wealth management.&lt;/em&gt;&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

Ireland needs a debate on investment infrastructure and wealth management

&lt;p&gt;With the investment climate and world economy&amp;nbsp;challenged by high interest rates and inflation, to name but two risks, Unio Wealth Management has spent time and attention on upgrading our investment process for a changed world.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;In terms of new governance, we have created the Global Macro Council (GMC) to analyse macroeconomic developments and explain the impact on investments.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The GMC is a body of experts, strategists and client facing advisers that craft the Unio house view on the macroeconomic outlook.&amp;nbsp;Meeting monthly, the Council produces the Global Macro Council Report.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The GMC Outlook for April 2023 may be accessed via the link below:&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Global Macro Council Outlook – April 2023&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;“The macro outlook is shifting. While inflation is ebbing from high levels, fears of a recession are mounting, and institutions like the IMF and the Federal Reserve are warning of this.”&amp;nbsp;&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;https://sforce.co/40RPbCN&quot; target=&quot;_blank&quot;&gt;Read more&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at info@unio.ie.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

The Global Macro Council Outlook: April 2023

&lt;h3&gt;Unio Wealth Management officially unveiled today&lt;/h3&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;Dublin, April 19th, 2023:&lt;/em&gt; A new wealth management advisory firm of significant scale, heritage and expertise has today been unveiled. Called &lt;strong&gt;Unio Wealth Management&lt;/strong&gt;, the firm, which is part of global finance giant Great-West Lifeco through its Irish operation Irish Life Group, brings together the highly successful businesses of Invesco, Acumen &amp;amp; Trust and APT into a single entity with enhanced advisory, investment and client solutions. The firm aims to foster the growth of intergenerational wealth continuity in Ireland through the delivery of global investment solutions bespoke to the specific needs of clients.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Significant scale, market opportunity and business ambition: &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Already a firm of significant scale with long and enduring client relationships, Unio employs 250 people in Dublin, Cork and Limerick, with 130 focused on personal clients. The business currently oversees c. €14bn of assets on behalf of personal and corporate clients and plans to grow this position to €20bn by 2027.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Having a deep understanding of the current and evolving investment and advisory needs of clients, Unio recognises that wealth in Ireland is growing at a significant rate and there is a substantial requirement for grounded expert advice to thousands of individuals who are currently either under-advised, or not being advised at all on the effective management of their wealth.&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;A disruptive presence in the Irish Wealth Management Sector: &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Addressing the growing size of assets in Ireland requiring advice, Unio aims to be a disruptive presence in the Irish Wealth Management sector. The business has developed rigorous and robust investment process solutions that are tailored to meet specific client needs and bring a full range of international investment solutions (in public and private markets) to clients.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Unio’s approach will seek to educate people about wealth and investment in an open and inclusive way. The business’ growth strategy is centred on the basis of existing significant marketplace access, an enhanced client proposition, a personal, bespoke approach to client advice, underpinned by a market leading digital platform driven by data and insights that empowers clients to oversee and take better control of their wealth. Supporting this is a responsible approach to investing i.e., a positive outcome across the board – for the investor and their families, and for society and the environment.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Respected and expert advisers in tandem with market leading digital capability: &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The bringing together of several successful wealth management firms provides Unio with a multifaceted pool of experienced, respected, and leading wealth management advisors. In tandem with one-to-one personalised client advisory relationships, the business provides a unique and market-leading digital experience that also guides clients in the decision-making process. The Unio client portal, which was developed based on the global expertise of Great-West Lifeco and was recently launched to existing clients, is an empowering tool providing daily updates and personalised content, thereby allowing clients to know the position of all their assets at any point in time. This allows clients monitor their investments and allows real time conversations, thereby ensuring optimal decisions are taken. This is a significant point of differentiation for Unio and its advisory approach.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Client profile: &lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Headquartered in Dublin with a presence in Cork and Limerick, Unio’s clients are based across the country. The profile of Unio’s current clients represent corporate Ireland – entrepreneurs, business owners, SME companies, professional services, and executives in multinational and indigenous firms. Many of these clients are on a trajectory to transition their assets to the next generation. Clients are generally those with in excess of €1m of investible assets, however, Unio, as an open and inclusive wealth manager takes the view that that individuals who are on a journey to accumulating wealth also need grounded advice.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Commenting on the establishment of Unio, Miċeál Gunning, Head of Private Clients at Unio (formerly Head of Private Clients at Invesco) said:&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;“Unio has a deep understanding of our clients and their specific needs.&lt;/em&gt; &lt;em&gt;Given the evolution of wealth in Ireland over the past number of decades, and that Ireland only started to materially grow in the late 1990s, there is an historic, generational transfer of wealth underway. Combine this with the fact that Ireland, as Europe’s fastest growing economy, has the same average wealth per adult as France and Germany, tens of thousands of people require advice and support to optimally manage their wealth. Now is the right and opportune time to establish a wealth management and advisory business of significant scale to guide and coach investors in Ireland on wealth preservation and growth in an open, bespoke manner. Essentially, we are seeking to demystify wealth and investment by educating on the drivers of wealth, markets and investments in a long-term context.” &lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;&amp;nbsp;&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;He added:&lt;em&gt; “This is not about luring clients away from other wealth management firms. The fact is, there are so few people taking financial advice in Ireland. It is the nature of the market currently, which presents an opportunity for a new advisory-led player like Unio.”&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;&amp;nbsp;&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;“We believe wealth management should be open, inclusive, not closed and exclusive. This is about servicing individuals who need advice on the management of their wealth, particularly when you see almost a trillion euro sitting on deposit in Ireland, when you see the growth of people with assets in excess of €1m, households with annual income in excess of €200,000 and the transfer of wealth to the next generation.&amp;nbsp;By limiting the vulnerabilities of clients’ portfolios to risk cycles, by strategic thinking and risk framing of international markets, Unio will avoid the historic boom/bust outcomes for our clients.” &lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;He concluded:&lt;em&gt; “We are confident that through our expertise, innovative solutions, personalised service and digital capabilities, Unio will be recognised as a trusted partner for those seeking a different wealth advisory offering.” &lt;/em&gt;&lt;/p&gt;

Unio Wealth Management officially unveiled today

&lt;h2&gt;&lt;strong&gt;Ten Themes for the Year Ahead&amp;nbsp;&lt;/strong&gt;&amp;nbsp;&lt;/h2&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Introduction&lt;/h3&gt;
&lt;p&gt;2022 was a landmark year in that it saw the return of a range of forces that have largely been absent during the period of globalisation namely, inflation, high interest rates and war. 2023 will show whether these will persist and become regular features of the landscape or are aberrations.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Two key trends marked 2022 – the war in Ukraine catalysed inflation and the full emergence of strategic competition between the major regions, and central banks embarked on a course of aggressive rate hikes. The former will shape investment and geopolitical trends into 2023, as we have seen with the Inflation Reduction Act in the US and increased defence spending globally, while the effects of the latter will increasingly be felt at the level of companies, households and state balance sheets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In this context, there is a broadly felt view that the world order is changing and that the world economy is entering a period of great uncertainty, albeit in the context of strong employment and, in many cases healthy balance sheets. Here, Ireland is much less vulnerable than it was over ten years ago, and arguably its problems will be socio-economic rather than financial.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;We initially published this note at the start of the year and refresh it with the launch of Unio Wealth Management. Our sense that 2023 could be a dramatic year has so far been borne out – the Windsor framework will likely bring calm to Brexit, and high interest rates have created a difficult environment for banks – Silicon Valley Bank has failed, and Credit Suisse has been taken over by UBS.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Our motivation in producing this note is driven by two forces. One is the changing world- more than ever before in the past forty years, the sense that the world is changing rapidly and often chaotically is clear. This demands strategic thinking.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The second is the complexity of this change - economics, markets, politics and geopolitics are intertwined and need to be thought of as such. These changes touch all countries, not least an open economy like Ireland’s and investors, business people and policy makers need to be attuned to them.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;As such we set out, and revisit what we consider the leading economic, financial and political factors through 2023 – describe them, their economic and investment impact, and their relevance for investors and companies in Ireland.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;1. &lt;a href=&quot;https://unio.ie/insights/the-effects-of-persistently-high-interest-rates&quot; target=&quot;_blank&quot;&gt;THE EFFECTS OF PERSISTENTLY HIGH INTEREST RATES&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Rates will remain high for some time and this trend can ‘discover’ many risks and provoke fault lines, especially amongst overleveraged companies, banks and economies.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;2. &lt;a href=&quot;https://unio.ie/insights/will-we-see-a-credit-crisis&quot; target=&quot;_blank&quot;&gt;WILL WE SEE A CREDIT CRISIS?&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Under this lower probability, more extreme scenario, a cocktail of falling growth, still high inflation and interest rates, and the inability of central banks to ‘come to the rescue’ could lead to a sharp rise in credit risk.&lt;/p&gt;
&lt;p&gt;3. &lt;a href=&quot;https://unio.ie/insights/ireland-fails-to-fail-but-no-bailouts&quot; target=&quot;_blank&quot;&gt;IRELAND FAILS TO FAIL, BUT NO BAILOUTS&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Amidst a global downturn, Ireland’s economy and financial sector prove more robust than many think.&lt;/p&gt;
&lt;p&gt;4. &lt;a href=&quot;https://unio.ie/insights/the-politics-of-inflation&quot; target=&quot;_blank&quot;&gt;THE POLITICS OF INFLATION&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Persistently high or ‘sticky’ inflation creates the expectation that governments intervene in markets, and with households to cushion the blow of higher prices.&lt;/p&gt;
&lt;p&gt;5. &lt;a href=&quot;https://unio.ie/insights/what-does-strategic-autonomy-look-like&quot; target=&quot;_blank&quot;&gt;WHAT DOES STRATEGIC AUTONOMY LOOK LIKE?&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Intense strategic competition between the US and China creates the need for Europe to be ‘autonomous’ in key industries (i.e. green energy) – what role will Ireland play here?&lt;/p&gt;
&lt;p&gt;6. &lt;a href=&quot;https://unio.ie/insights/theme-6-the-trials-of-globalisation&quot; target=&quot;_blank&quot;&gt;THE TRIALS OF GLOBALISATION&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Globalization is at worst, over, or at least changing. What does this mean for highly globalized countries like Ireland?&lt;/p&gt;
&lt;p&gt;7. &lt;a href=&quot;https://unio.ie/insights/digital-money-grows-up-web-3-enthralls&quot; target=&quot;_blank&quot;&gt;DIGITAL MONEY GROWS UP, WEB 3 ENTHRALLS&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Crypto has suffered as liquidity has drained – it may just be a fad. Digital central bank currencies are however something we will hear more about.&lt;/p&gt;
&lt;p&gt;8. &lt;a href=&quot;https://unio.ie/insights/theme-8-democracy-fights-back&quot; target=&quot;_blank&quot;&gt;DEMOCRACY FIGHTS BACK&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;2022 was a bad year for autocrats, and there are signs that the ‘centre’ of politics is holding.&lt;/p&gt;
&lt;p&gt;9. &lt;a href=&quot;https://unio.ie/insights/brexit-peters-out&quot; target=&quot;_blank&quot;&gt;BREXIT PETERS OUT&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Brexit may, for a change, see a period of calm and pragmatism and may be less disruptive.&lt;/p&gt;
&lt;p&gt;10. &lt;a href=&quot;https://unio.ie/insights/geopolitical-risk-matters-again&quot; target=&quot;_blank&quot;&gt;GEOPOLITICAL RISK MATTERS AGAIN&lt;/a&gt;&lt;/p&gt;
&lt;p&gt;Geopolitical risk is back with effects felt in commodities, currencies and bond markets.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Get in touch with us by emailing &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt; or talk to your adviser.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Please remember, if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;

Ten Themes for the Year Ahead

&lt;h2&gt;&lt;strong&gt;Ten Themes for 2023&lt;/strong&gt;&amp;nbsp;&lt;/h2&gt;
&lt;p&gt;At the start of each year Unio Wealth Management will present what we consider to be the leading economic, financial and political factors that will influence the year ahead.&amp;nbsp;Throughout the year we will revisit these themes and assess the impact for investors.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;We will discuss each of our &lt;a href=&quot;https://unio.ie/insights/10-themes-impacting-investors-and-companies-in-ireland-in-2023&quot; target=&quot;_blank&quot;&gt;&lt;strong&gt;Ten Themes for 2023&lt;/strong&gt;&lt;/a&gt;&lt;strong&gt; &lt;/strong&gt;individually and describe the relevance for investors and companies in Ireland. By doing this, we hope to enable investors to gain a better understanding of the factors that impact their investments.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Mike O’Sullivan, Chair of the Unio Global Macro Council and Investment Committee, Ger Fitzgerald, Head of Investment Strategy and Alex Kinsella, Head of Investment Solutions will lead on these discussions.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;h2&gt;&lt;strong&gt;Theme 1: The Effects of Persistently High Interest Rates&lt;/strong&gt;&lt;/h2&gt;
&lt;p&gt;In this clip the team expands on this theme, and examines the impact on economy, markets and investment decisions in 2023.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;iframe frameborder=&quot;0&quot; scrolling=&quot;auto&quot; allowfullscreen=&quot;true&quot; src=&quot;https://player.vimeo.com/video/826109125/&quot; width=&quot;560px&quot; height=&quot;315px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h2&gt;Summary Text&lt;/h2&gt;
&lt;h3&gt;End of globalisation&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;During 2022 we experienced a persistent rise in inflation, rising interest rates and unfortunate conflicts such as the war in Ukraine. These factors effectively marked the end of the period of globalisation. Now, as we enter a phase of greater uncertainty, it is essential that investors remain informed and ensure that their investment strategies adapt to this new environment. Mike O’Sullivan, Chair of the Investment Committee, expands on this theme in the context of the effects of persistent high interest rates.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The speed with which interest rates have risen has been shocking, and while inflation might have peaked, rates will be high for some time (5% plus in the USA). A persistently high level of interest rates can ‘discover’ many risks and provoke fault lines with banking stress complicating the situation further. One of the key themes we are looking at this year is the effects of persistent high-interest rates. This has been front of mind since the end of last year and continues to be a significant concern for investors.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Getting used to higher interest rates&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Over the past decade the global economy has benefited from very low interest rates, and it is now getting used to the new environment. In response to changing macro factors, central banks raised interest rates throughout 2022, a lot faster than many commentators anticipated. The impact of this on governments and corporate entities who need to roll over debt means it is now at a more expensive cost.&amp;nbsp;This in turn has an impact on corporate profitability and revenue and budgeting from governments.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Although we cannot ignore the impact of higher interest rates, we must put this in perspective. Rates are coming off historical lows.&amp;nbsp;We are not back to the 1980s when interest rates were trending in or around 15%.&amp;nbsp;However, the sharp rise in yields during 2022 has had a significant impact on how we look at markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Will rates keep rising?&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;The latest Fed’s Dot Plot chart is a useful reference point as it takes a longer-term view of interest rates in the US.&amp;nbsp;Here at Unio, we expect the Fed to make one or two more rate increases this year, with a slight chance of a rate cut at the end of the year.&amp;nbsp;While that may sound boring, the actual economic effect of this can be quite dramatic because the world is not set up for a period of prolonged high interest rates.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;There are many businesses and economies that have become used to cheap money and low interest rates. However, as rates persist at a higher level, it will take its toll.&amp;nbsp;The net effect, from an investor&#39;s perspective, will be to see a stark win or lose effect between companies and economies that are cash rich and stable versus those that have a lot of debt and perhaps lack robust cash flow. Weaker banks have already succumbed (SVB, CS) and this complicates the role of central banks and arguably leads to more short-term liquidity in the system.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Our view&lt;/h3&gt;
&lt;p&gt;In summary, 2022 saw the return of a range of forces that have largely been absent during the period of globalisation namely inflation, high interest rates and, war.&amp;nbsp;Whether these will be persist and become regular features of the landscape or are aberrations has yet to play out. It is likely that interest rates will be high for some time and investors will need to get used to this new environment. Persistently high interest rates will have a polarising effect, with stable, cash-rich economies likely to benefit, while those with high debt and weak cash flow will be adversely impacted.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio, we are happy to provide you with the insights you need to make informed investment decisions in this new environment.&lt;/p&gt;
&lt;p&gt;If you want to find out more, talk to your adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;Please remember if you hold an account with Unio, you can check your portfolio value at any time through the Unio portal.&amp;nbsp;&lt;/p&gt;

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