You are required by the Revenue Commissioners to take a minimum annual distribution from your ARF once you are aged 61 years.

Minimum distribution

You must take 4% or over for the full tax year if you are aged 61 years or over and if your fund is less than €2 million.

Distributions under 70 years of age

You must take 5% or over for the full tax year if you are over 70 years of age and if your fund is under €2 million.

Distributions over 70 years of age

You must take 6% if you have combined ARF and vested Personal Retirement Savings Accounts (PRSA) assets of €2 million or more, and you are 60 or over for the full tax year.

ARF threshold

&lt;h4&gt;DISTRIBUTIONS FROM ARFS&lt;/h4&gt;
&lt;h2&gt;How do I take income from my ARF?&lt;/h2&gt;

&lt;p&gt;ARF INVESTMENT OPTIONS&lt;/p&gt;
&lt;h2&gt;What can I invest my ARF in?&lt;/h2&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;

&lt;h3&gt;Take control of your retirement income.&lt;/h3&gt;
&lt;p&gt;By investing in an ARF you will have access to a wide variety of investment options. We will identify and select suitable options that meet your risk appetite and investment objectives. Investment options include funds managed by a wide range of experienced fund managers, property, shares, government and corporate bonds, private equity and deposits.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;We can select the right portfolio for you or we can work together to build your own bespoke solution. Your ARF investment grows without any income or capital gains tax. However, when you take an income from your ARF it is subject to all the usual taxes that retired people pay.&lt;/p&gt;

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&lt;p&gt;POST-RETIREMENT&lt;/p&gt;
&lt;h2&gt;Approved Retirement Funds (ARFs)&lt;/h2&gt;
&lt;p&gt;Find out more about ARFs and how they could help maximise your retirement income.&lt;/p&gt;

&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;

&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;

Theme 1: The Effects of Persistently High Interest Rates

&lt;h2&gt;10 Themes For The Year Ahead&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. 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;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&lt;/p&gt;
&lt;h2&gt;&lt;strong&gt;Theme 2: Will we see a credit crisis?&amp;nbsp;&amp;nbsp;&lt;/strong&gt;&lt;/h2&gt;
&lt;p&gt;Theme No.1 discussed &lt;a href=&quot;https://unio.ie/insights/the-effects-of-persistently-high-interest-rates&quot; target=&quot;_blank&quot;&gt;&lt;em&gt;The Effects of Persistently High Interest Rates&lt;/em&gt;&lt;/a&gt;.&amp;nbsp;&amp;nbsp;In this article, we examine the potential occurrence of a credit crisis, stemming from sustained high interest rates and how this theme will manifest in 2023.&amp;nbsp;Historically every Fed tightening cycle has been met with some form of economic crisis, an emerging market crisis, etc. However, a full-blown global credit crisis, like we saw to dramatic effect in 2008 is unlikely and a low probability event for 2023.&amp;nbsp;What is more likely is more localised bouts of stress in countries like China, where consumer and corporate debt is very high and where the property market looks vulnerable.&amp;nbsp;The world is de-globalising and while China is not financially linked to the West there are parts of the Chinese,&amp;nbsp;European and&amp;nbsp;US economies, where the cost of leverage will increase, and this will become evident in credit spreads.&amp;nbsp;However, by and large these issues will be localized as opposed to systemic.&amp;nbsp;&amp;nbsp;&lt;/p&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;The areas the Unio Investment Committee will pay attention to over the next 12 months will be measures of credit stress such as credit spreads; credit default swaps (CDS); and prices of default swap contracts, all highly technical concepts that may become relevant again.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Market Risk&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;There may be contrasts between how certain areas of the market will be impacted by credit stress.&amp;nbsp;Higher interest rates and wider credit spreads will be the norm for lower quality corporate or government entities. Localised issues may arise, and investors should be mindful of the risks they take on and ensure that the credit exposure they accept is appropriate for the level of risk they are willing to accept.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Our View&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;A more extreme scenario of falling growth, high inflation, high interest rates, and the inability of central banks to ‘come to the rescue’ would lead to a sharp rise in credit risk. The crises at Silicon Valley Bank and Credit Suisse may be portends of this or might mean that regulators and banks themselves work to prevent further fallout.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;In a stressed credit environment, central banks may find themselves constrained in what they can do in terms of providing liquidity to the banking system however, perhaps less so to bond markets. Under this scenario credit spreads have much further to widen.&amp;nbsp;The dollar could see another round of strength. Housing in general and other private asset classes more specifically may suffer.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;A more optimistic view is that economies and markets need a ‘reset’ and as a result imbalances are cleared away, setting the scene for a prolonged risk rally.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Rates and credit risk will be a real test for Irish government bonds.&amp;nbsp;Foreign Direct Investment (FDI) trends will be split between cash rich firms who should remain strong, versus more recent players with more vulnerable business models.&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;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;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&amp;nbsp;&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.&lt;/p&gt;

Theme 2: Will we see a credit crisis?

&lt;h2&gt;Ten Themes for 2023&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. 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;&lt;/p&gt;
&lt;h2&gt;Theme 3: Ireland Fails to Fail, But No Bailouts&lt;/h2&gt;
&lt;p&gt;In this article, we examine how the Irish economy will fare over the next 12 to 24 months.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Ireland’s Economy and Rates&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Ireland has new challenges to face in a period of slowing global growth, higher interest rates and rising credit stress. However, Ireland has strong foundations, and the economy appears to be well positioned to withstand these challenges.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Most of us will remember the last economic crisis and as a result many people may expect it to happen all over again.&amp;nbsp;At Unio, we are using the infamous phrase, that “this time is different”. The fact is that despite higher interest rates and widening credit spreads across the world, the Irish economy and its financial sector will not collapse in the way it did previously. There are plenty of reasons for this. Growth is very strong and structurally the country is robust across a whole range of sectors.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Household cash levels and banking deposits are very high. There is a much bigger Irish domestic growth sector than last time. So structurally, the economy has improved. Policy making has also improved.&amp;nbsp;However, if there is a global recession, we will not escape it, but it will not be the catastrophe the ‘doomsayers’ expect. As a benchmark, we believe that Irish Government debt will trade more in line with that of the Netherlands and France, than Spain,&amp;nbsp;Italy or Greece.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Ireland Vs UK&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Ireland’s GDP growth and economic resilience means that the term credit crisis will not continue to be linked with Ireland. Ireland’s GDP, an indicator of overall economic success, is strong, and its position within the global economy and its resilience, is impressive. This is in stark contrast to the current position of our near neighbours.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;It is important to note that in today&#39;s world of de-globalisation, countries&#39; economic potential and performance are volatile. One concern post-Brexit is that the UK&#39;s economy has not yet hit its stride, largely due to structural issues such as low productivity and investment. Therefore, investing in the UK&#39;s economy presents a unique case with its own set of considerations. This is something we will cover in future articles.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Our View&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;In previous articles, we discussed the themes of &lt;a href=&quot;https://unio.ie/insights/the-effects-of-persistently-high-interest-rates&quot; target=&quot;_blank&quot;&gt;persistently high interest rates&lt;/a&gt; and the &lt;a href=&quot;https://unio.ie/insights/will-we-see-a-credit-crisis&quot; target=&quot;_blank&quot;&gt;possibility of a credit crisis&lt;/a&gt;&lt;strong&gt; &lt;/strong&gt;depicting a world that is not unlike that of 2010 and the euro-zone crisis. A simple knee-jerk presumption is that the Irish economy, Italy and Greece rolls over and lapses back to policy chaos. We do not think this is the case for Ireland – ‘this time is different’.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Policy has changed, and Ireland’s financial diplomacy is very strong. Notably the domestic sector and newer areas such as technology and pharma are more developed.&amp;nbsp;Debt management is sophisticated, and the banking sector is ‘utility’ like. In addition, Ireland has high savings and fiscal space.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;In terms of market implications, we believe that Irish debt continues to trade closer to core countries like France and Belgium. Weakness in the euro-zone economy may be a relative positive in the context of the lack of capacity in the Irish economy.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Compared to 2008 there is not the same excess in Ireland except perhaps rental and house price multiples.&amp;nbsp;There is a broader reserve of wealth and policy expertise, and little question that Ireland would leave the euro. However, while a credit downturn would be trying for the Irish economy, a return to bail-outs is unlikely.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&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.&amp;nbsp;&amp;nbsp;&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;

Theme 3: Ireland Fails to Fail, But No Bailouts

&lt;h2&gt;&lt;strong&gt;Ten Themes for 2023&lt;/strong&gt;&amp;nbsp;&lt;/h2&gt;
&lt;p style=&quot;text-align: justify;&quot;&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. Throughout the year we will revisit these themes and assess the impact for investors.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&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 style=&quot;text-align: justify;&quot;&gt;&lt;br&gt;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&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;&lt;/p&gt;
&lt;h2&gt;&lt;strong&gt;Theme 4: The Politics of Inflation&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/strong&gt;&lt;/h2&gt;
&lt;p&gt;In this article, we explore the fourth of our themes: the net effect of inflation, the politics around inflation and the impact for investment decisions in 2023.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3 style=&quot;text-align: justify;&quot;&gt;Inflation Drivers&amp;nbsp;&lt;/h3&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;At the time of writing, inflation rates around the world remain high, however, there are recent signs of a slowdown in the rate of increase in&amp;nbsp;consumer prices. Food and energy are the main drivers. The ongoing war in Ukraine has directly impacted oil, gas and food supply, particularly grain. In turn, these higher prices have impacted manufacturing, transportation, and food costs globally.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Economic Overview&amp;nbsp;&lt;/h3&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Sustained higher prices can have considerable social and economic consequences. Certainly, we are seeing this play out not just in Ireland, but across the world. The price of food and energy&amp;nbsp;initially increased because of the impact of Covid and then with&amp;nbsp;the war in Ukraine.&amp;nbsp;Governments will attempt to combat inflation through various measures. In France, there have been violent protests in reaction to food, fuel, and cost of living increases, prompting the government to intervene and soften the blow of rising energy costs. Similarly, the Irish government has assisted businesses and households with energy bills. As inflation remains sticky, we can expect to see various responses, some of which may prove helpful, while others may not be well thought out and could even contribute to inflation. For example, the German government introduced a substantial stimulus package last year, which is effectively the opposite approach taken by the European Central Bank. It is a testing time for Governments around the world, The only silver lining is that it is a testing time for autocrats as well as democracies.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Populist Policies&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;One concerning aspect&amp;nbsp;is that inflation can lead to an upsurge of populist positions taken by governments, and that brings its own risk.&amp;nbsp;Income disparity will potentially grow in this environment, and it is a very challenging time for policymakers. Over the past 5 years, under the steam of quantitative easing, wealth inequality has grown quite starkly. In the US it is currently at its most extreme ever. Inflation and the various responses to it and the effect of high interest rates on different types of households has the capacity to increase income inequality. We expect this to be part of the policy package around European countries for the rest of this year, and beyond.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Market Impact&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;2022 saw the re-emergence of inflation and it was an eye opener for a lot of investors after a very benign period. There is much media discussion about inflation falling and while inflation is falling it is still at a substantially increased level compared to recent history.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;From an investment portfolio perspective, certain asset allocations or investment portfolios can be constructed to either mitigate or withstand the effects of inflation. These portfolios generally invest in a range of asset classes that maintain a hedge to inflation. This can be in the form of a natural hedge via infrastructure or the utility sector, or through a specific hedge such as inflation protected government bonds. Commodities like gold have historically proven to be one of the best hedges to inflation. We encourage anyone that wants to have a conversation about this to engage with your Unio adviser to understand how we can help you mitigate inflationary risks.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;2023 Outlook&amp;nbsp;&lt;/h3&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Inflation is edging lower, but only at the edges. Service price inflation is strong across the board and at the time of writing European headline inflation is close to 9%. Beyond financial stresses, this creates considerable political problems. There may be an upsurge in populism, one-off taxes and perhaps some inflationary spending packages. Pension systems may also come under pressure, and in this climate, populism may prove an easy avenue towards power. As it stands, inequality of income and wealth in Ireland is close to European average levels, though a period of persistent inflation could expand socio-economic divisions creating acute policy challenges.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&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 in this new environment.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&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&amp;nbsp;&amp;nbsp;&lt;/a&gt;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&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;

Theme 4: The Politics of Inflation

&lt;h2&gt;&lt;strong&gt;Ten Themes for 2023&lt;/strong&gt;&amp;nbsp;&lt;/h2&gt;
&lt;p style=&quot;text-align: justify;&quot;&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. Throughout the year we will revisit these themes and assess the impact for investors.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&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 style=&quot;text-align: justify;&quot;&gt;&lt;br&gt;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&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;&lt;/p&gt;
&lt;h2&gt;Theme 5: What Does Strategic Autonomy Look Like?&lt;/h2&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;In this article, we explore the fifth theme of strategic autonomy; how it can empower Europeans to take control of their economic future and highlight the investment opportunities that may arise as a result.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Outlook for 2023&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;The strategic rivalry between the US and China, and the geopolitical implications of the war in Ukraine are two of many factors that have awoken European policy makers to the need for Europe to be more independent economically. This theme has been omnipresent since Emmanuel Macron introduced the idea in 2017 and, 2023 could be the year that we see the policy rolled out in Europe.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Economic Interdependence Declines&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Strategic autonomy will manifest over the next few years and will be a long-term trend. We believe this will get going in 2023. In simple terms, ‘strategic autonomy’ means the EU must have its own capabilities, either manufacturing or supply chains in economically vital sectors be they AI, defence, semiconductors, pharmaceuticals, drugs, and even food supply chains. The war in Ukraine, lessons from Covid, and the strategic competition between the US and China highlights the need for strategic autonomy.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Over the next 5, 10 years we will see some big investment trends in areas like green technology, where European companies, governments and the EU put money and expertise to work to build out technologies and competencies in a number of these key sectors.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;Europe’s venture and private equity sectors are growing and are well placed to support innovation and a broad investment wave. Areas where we will see growth include green technology, military technologies and their offshoots, pharmaceuticals, and a consolidation across fintech and data industries. In some ways, Ireland is behind Europe in sensitive sectors such as fintech and defence, and may ultimately play a select, concentrated role in certain sub-sectors like payments and biotech.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Opportunities for Investment&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;It is likely that there will be significant capital expenditures in these areas and this will inevitably create new opportunities. In terms of the portfolios that we advise on, it will be important to consider how we can incorporate these themes and associated trends. One approach might be to focus on niche areas where we see the greatest potential for growth and investment returns.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;A lot of companies involved in these sectors are private companies.&amp;nbsp;These are high growth companies not yet quoted on stock markets. The way to invest in them is through private equity or venture capital raises. Increasingly, as we build client portfolios, we will have different ways of capturing these trends through liquid private equity and through niche and targeted venture capital and private equity funds.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;The Irish economy is unlike other small, developed economies. While the venture capital and private equity sectors are not yet fully developed in Ireland, we are seeing an increasing number of unicorns i.e., private companies&#39; worth €1bn and more. Our view is that this is going to be a big trend in Ireland and across the European economy over the next 10 years.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&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 in this new environment.&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&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;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&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;

Theme 5: What Does Strategic Autonomy Look Like?

&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. 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;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;&lt;/p&gt;
&lt;h2&gt;&lt;strong&gt;﻿Theme 6: The Trials of Globalisation&amp;nbsp;&lt;/strong&gt;&amp;nbsp;&lt;/h2&gt;
&lt;p&gt;The past 12 months have brought to an end the era of cheap money. Rising inflation and cost of living increases prompted the US Federal Reserve, European Central Bank and Bank of England to stop the access to cheap money. However, tighter monetary policy is not the big story.&amp;nbsp;The trials of globalisation as evidenced in the rivalry between China and the US, the legacy of Covid and the impact of Russia’s invasion of Ukraine on energy prices is a key trend. If globalisation is over, or at least changing, what does this mean for highly globalised countries like Ireland?&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;The Evidence&lt;/h3&gt;
&lt;p&gt;Trump’s trade wars, Brexit, the lack of collaboration between countries during COVID and the strategic rivalry between the US and China have scuppered globalisation as we knew it. This is important for Ireland – one of the most globalised countries in the world.&amp;nbsp;Supply chains are not as broken as seen in 2021/22 however, they are still in flux. China and the US continue to disengage and have an intensive rivalry around sectors like semiconductors. Financial markets are also polarised and the sense of competition is high.&amp;nbsp;US President Biden could only get action on climate change through Congress if it was seen to be good for American jobs.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;The Impacts&lt;/h3&gt;
&lt;p&gt;From a market perspective, the trials of globalisation are played out in terms of currencies, and companies exposed to supply chain dislocations will suffer most.&amp;nbsp;In our Theme No. 5 article:&lt;em&gt; &lt;/em&gt;&lt;a href=&quot;https://unio.ie/insights/what-does-strategic-autonomy-look-like&quot; target=&quot;_blank&quot;&gt;&lt;em&gt;What Does Strategic Autonomy Look Like?&lt;/em&gt;&lt;/a&gt;&lt;em&gt;, &lt;/em&gt;the impacts of globalisation through the need for self-sufficiency is explored.&amp;nbsp;Deglobalisation comes at a cost. Trade theory suggests go-it-alone/self-sufficiency strategies lead to higher prices as countries cease to specialise in what they are most efficient at producing. This may result in inflation proving to be a more enduring problem than central banks think.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;What this means for Ireland&lt;/h3&gt;
&lt;p&gt;Locally, Ireland remains a bastion of US multinational investment and there is no evidence to suggest this will stop. However, it does mean that Ireland will be structurally less exposed to Chinese investment and Ireland could play a key role as a bridge between the US and Europe.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Outlook&lt;/h3&gt;
&lt;p&gt;Globalisation is certainly changing however, it is not finished. US and European companies have invested heavily in low-cost, offshore production centres.&amp;nbsp;While exports from China are expected to fall in 2023 due to the global economy it will remain the world’s biggest exporter. The bigger change will be who will be willing to trade with who. Countries will be careful about opening up strategically important sectors to competition.&amp;nbsp;&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.&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 you adviser.&amp;nbsp;&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;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;

Theme 6: The Trials of Globalisation

&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. 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;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;&lt;/p&gt;
&lt;h2&gt;&amp;nbsp;&lt;strong&gt;Theme 7: Digital Money Grows up, Web 3 Enthralls&lt;/strong&gt;&amp;nbsp;&lt;/h2&gt;
&lt;p&gt;Covid ushered in the digital economy and to a large extent the digital society. Digital assets will survive the collapse of FTX and become mainstream and regulated. Web 3.0 and the associated metaverse grow in popularity, and see greater engagement as the socio-economic outlook worsens.&amp;nbsp;&lt;/p&gt;
&lt;h4&gt;&amp;nbsp;&amp;nbsp;&lt;/h4&gt;
&lt;h3&gt;Policy&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Policy makers have little incentive to allow crypto to flourish and will be happy to tighten regulation around the crypto and digital assets infrastructure. The metaverse may also be regulated in terms of asset sales and in terms of the ways people on the Metaverse interact with the ‘real world’.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Markets&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;For the time being crypto will likely remain strongly correlated with risk assets like the Nasdaq and broad market liquidity. We think however that digital asset infrastructure – be it security, custody or products like ETFs - will continue to grow in size and activity.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Ireland&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Ireland is not specifically exposed to this trend, though notably like many other economies there is a strong appetite amongst the ‘next generation’ to own digital assets.&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.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Get in touch with us by emailing us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&lt;/a&gt; or talk to you adviser.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&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;&amp;nbsp;&amp;nbsp;&lt;/p&gt;

Theme 7: Digital Money Grows up, Web 3 Enthralls

&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. Throughout the year we will revisit these themes and assess the impact for investors.&amp;nbsp;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;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;&lt;/p&gt;
&lt;h2&gt;Theme 8: Democracy Fights Back&amp;nbsp;&amp;nbsp;&lt;/h2&gt;
&lt;p&gt;We are in a ‘democratic depression’ with the level of democracy around the world now back to where it was in 1990&#39;s. The Economist Intelligence Unit finds that only 7% of the world’s population live in a ‘full democracy’.&amp;nbsp;&lt;/p&gt;
&lt;h4&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/h4&gt;
&lt;h3&gt;World&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;The decline in democracy is tied up in many factors, the emergence of ‘autocracy’ in the BRIC countries, democratic crises in the Anglo-Saxon countries and populism across Europe. There are welcome signs of a move to ‘the centre’ in G7 countries, and an increasing willingness to deploy new democratic initiatives such as Ireland’s Citizens Assembly.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Markets&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;The apparent decline in democracy is important for economies, societies and for geopolitical risk across markets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;Ireland&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Ireland is not necessarily at risk here, however it needs to play close attention to politics in the US, UK and the elaboration of the idea of ‘European Values’.&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.&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 you adviser.&amp;nbsp;&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;&amp;nbsp;&amp;nbsp;&lt;/p&gt;

Theme 8: Democracy Fights Back

&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. 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.&lt;/p&gt;
&lt;h2&gt;&lt;strong&gt;Theme 10: Geopolitical Risk Matters Again&lt;/strong&gt;&lt;/h2&gt;
&lt;p&gt;Geopolitical risk is back and is felt in commodities, currencies and bond markets. In this clip, the team discusses the relationship between rising geopolitical risk and market stability, and how disruptive world events are impacting investment portfolios in 2023.&amp;nbsp;&amp;nbsp;&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/826109702/&quot; height=&quot;315px&quot; width=&quot;560px&quot;&gt;&lt;/iframe&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h2&gt;&lt;br&gt;&lt;/h2&gt;
&lt;h2&gt;Summary Text&lt;/h2&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;The Geopolitical Landscape&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;The world is increasingly divided and troubled. Against the backdrop of the rise and fall of empires, the end of globalisation and a sharp rise in military spending, the risk of a geopolitical accident or outright conflict is rising.&amp;nbsp;&amp;nbsp;Recent disruptive events such as the ongoing war in Ukraine; unrest in Taiwan, North Korea, the South China Sea and Iran; and trade tensions between the US and China, continue to present material investment risks. As an example, because of the war in Ukraine, the IMF lowered its forecast for global growth for this year by 0.8 percentage points to 3.6%, cutting its GDP forecasts for 143 of the 198 economies under its coverage.&lt;/p&gt;
&lt;p&gt;The US-China trade war is causing significant worry, especially for industries such as technology with implications for investment patterns in sectors such as semiconductors.&amp;nbsp;If we look to the powerhouses of the US, Russia and China: the risk rating of these nations has a significant impact on investment portfolios with these exposures.&amp;nbsp;If we consider the weight of the investment opportunities within the US, any move in the US dollar, inflation, interest rates or any other factor can have a significant impact on returns and volatility.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Opportunity cost of risk&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Another factor to consider is opportunity cost. There are costs associated with the risk of political instability, such as lost investment opportunities or reduced economic growth. For example, the implication of geopolitical risk for heavily indebted nations is significant when their limited resources are directed towards defence spending and not investment in education, healthcare or infrastructure. Heavily indebted nations may experience a decline in their economic growth and GDP due to reduced investment in their own economy. This could further worsen their financial situation, leading to increased debt and potentially impacting their credit rating.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Impacts on Markets&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;With central banks raising interest rates and pulling back from quantitative easing, markets are more sensitive to political risk than they have been in the past 10 years when geopolitical risks and its effects were softened by plenty of liquidity. The new world order also creates operational dilemmas for corporates with geopolitical events impacting location decisions; global supply chains; transport of goods; currency exchange; and global movement of customers and employees.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;The Case of Turkey&lt;/h3&gt;
&lt;p&gt;Turkey is an example of an economy adversely impacted by geopolitical events. The degradation of institutions: government; judiciary; education; the financial system and prevailing authoritarian practices have had significant consequences for Turkish society and the economy.&amp;nbsp;Economic woes are mounting. The Turkish lira (TRY) is plummeting in value, there’s high inflation, rising borrowing costs, and correspondingly rising loan defaults. Turkey is a large country with a substantial economy however, the withering away of the value of its debt and its currency is symptomatic of the political risks that have emerged in recent years.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;2023 Outlook&lt;/h3&gt;
&lt;p&gt;Increasing global conflict and tension in 2023 will impact the evaluation of investment risk, resulting in both opportunities and risks for investment portfolios. The impact of geopolitical risk on markets and investments depends on the nature and severity of the risk and the challenge is in determining how long-lasting any particular risk is. In terms of local impact, typically it hasn&#39;t been necessary for us to take geopolitical risk into consideration however risk will weigh on market prices.&amp;nbsp;We don’t consider this a direct threat for Ireland however, investors need to be alert.&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.&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 you adviser.&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;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;

Theme 10: Geopolitical Risk Matters Again

&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. Throughout the year we will revisit these themes and assess the impact for investors.&amp;nbsp;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;Ten Themes for 2023&lt;/a&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;&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 lead on these discussions.&amp;nbsp;&lt;/p&gt;
&lt;h2&gt;&lt;strong&gt;Theme 9: Brexit Peters Out &lt;/strong&gt;&lt;/h2&gt;
&lt;p&gt;In this clip, the team explores the ninth theme; the impacts of the economic and political situation in the UK.&amp;nbsp;&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/825886375/&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;&lt;br&gt;&lt;/p&gt;
&lt;h2&gt;&lt;strong&gt;Summary&lt;/strong&gt;&lt;/h2&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Windsor Framework Close to Agreement&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Brexit and its economic fallout have resulted in slowing investment and productivity in the UK economy. As predicted, the Sunak government has sought a less confrontational stance with the EU, and this has produced the welcome Windsor framework. While this does not suggest a reversal of Brexit it does perhaps signal the beginning of a less ‘fractious’ period in terms of trade relations, and greater pragmatism around the debate on the trade role of Northern Ireland. In general, this is a welcome development for Ireland in terms of the political energy deployed and the disruption to trade. The &quot;Windsor&quot; framework agreement appears to have resolved many of the legal and political disputes, potentially paving the way for improved relations between the UK and the EU.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Better relations between the EU and the UK&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;One of the themes we felt likely to play out in 2023 was the “petering out of Brexit”; the UK and EU finding a way to make Brexit work and to be less invasive in relation to their ongoing relationship.&amp;nbsp;We expect Brexit to be much less of an economic, political and market event this year. As we speak, the new protocol around Northern Ireland has just been announced. What this means from an economic and market point of view is lower economic risk, lower tail risk or extreme risk in the markets. We believe we will see some calm returning to UK politics, some semblance of normalcy returning to Northern Irish politics and, maybe less trade stress and better relations between the EU and the UK.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Market Opportunities&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Less trade stress between the UK and Ireland may lead to some significant market opportunities. From an UK investment point of view, the outlook has been very much maligned in recent years. As the trade disagreements became more protracted, the view was that investing in UK markets was not appealing, albeit the energy sector has propped up the UK market over the interim period. However, the beginning of more normalised relationships opens a channel that reduces tail risk and creates new opportunities.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;While there is still some work to be done, we believe there is an increasing opportunity to generate positive returns across that investment universe. Therefore, we believe that the extreme downside is probably priced out of the market and investors, be it in real estate, equities or gilts, will find more comfort in putting money back into UK assets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;2023 Outlook&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Brexit will be less of an economic, political and market event this year. The new protocol around Northern Ireland will be a positive for the rest of the year and give rise to more opportunities to invest in UK assets.&amp;nbsp;&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;Get in touch with us by emailing us at &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;

Theme 9: Brexit Peters Out

&lt;h2&gt;Case Study: When is retirement possible?&amp;nbsp;&lt;/h2&gt;
&lt;h4&gt;&lt;br&gt;&lt;/h4&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Background&lt;/h3&gt;
&lt;p&gt;Our client is a senior executive with one of Ireland’s most successful multinational organisations. He is in his late 50’s and has had a stellar career. Travelling worldwide for business, he had little time to focus on his own personal financial situation. He had been accumulating wealth in the form of his pension, share options as well as property but had no real understanding around when he could afford to retire. He and his wife had many places they would like to travel to on their “bucket list” which, until now they had no time to do.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;The Challenge&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;We really wanted to understand what was most important to our client and his family. We started with an open conversation about his overall goals and aspirations now and into the future. Some of their key objectives were to:&amp;nbsp;&lt;/p&gt;
&lt;p class=&quot;ql-indent-1&quot;&gt;&lt;br&gt;&lt;/p&gt;
&lt;ul&gt;
 &lt;li&gt;Understand if, and when he could afford to retire&amp;nbsp;&lt;/li&gt;
 &lt;li&gt;Travel more in retirement&amp;nbsp;&lt;/li&gt;
 &lt;li&gt;Assist with education costs for their grandchildren&amp;nbsp;&lt;/li&gt;
 &lt;li&gt;Give something back to society&amp;nbsp;&lt;/li&gt;
 &lt;li&gt;Reduce the inheritance tax bill that the children will ultimately have&amp;nbsp;&lt;/li&gt;
&lt;/ul&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;There were many moving parts to our client&#39;s financial situation, and they were very busy with work and other commitments. This client family found it difficult to truly understand what options they would have and if they were making the best decisions.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;The Advisory Journey&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;We brought this couple through our Executive Financial Planning service known as Wealth Plan, and gathered all their financial data. Once we analysed this data, we illustrated their current Income and current expenditure and produced their Net Worth Statement.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The next step was to prepare a cashflow projection using our illustrative financial planning software. This cashflow projection was based on their current employment income, dividend income, rental income and expected pension income.&amp;nbsp;At the same time, a projection of future expenditure was prepared showing how this would evolve over time to reflect their changing needs.&amp;nbsp;Wealth Plan illustrated the various retirement income building blocks.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;We then stress tested their Wealth Plan.&amp;nbsp;&amp;nbsp;We considered the impact of early retirement, the impact of currency and stock market shock on their stock options. We upgraded the quality of their bucket list.&amp;nbsp;&amp;nbsp;Other areas discussed included assisting with the education costs of their grandchildren. We advised the couple to establish a Bare Trust for each of their grandchildren and to contribute to these trusts annually utilising the Small Gift Exemption.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Using our cashflow forecasting tools, the couple saw the potential estate that they would leave behind and the resulting substantial tax liability for their three children. We advised the couple to take out Inheritance Tax Insurance cover to reduce the future tax liability for their children.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;We reviewed their vested stock options and their currency exposure and worked to replace single stock risk with a more diversified stock portfolio.&amp;nbsp;For the first time, this couple could visualise how their retirement might look based on some prudent assumptions and where interventions were needed.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;The Outcome&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;As a result of this detailed review we knew, with a high degree of probability, that no matter what happens, this couple would be financially sound.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Through a deep understanding of this couple’s financial situation as well as understanding their goals and aspirations, we were able to tailor a Financial Plan that ensured they could live for today, have the freedom to work on their own terms and also plan for the future.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Our solution gave a sense of relief and excitement for the future to this client family. The husband will continue working for a further three years and retire at 62. He plans to get involved at an executive level with his local GAA club and spend quality time with his grandchildren.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;The Perfect Solution for Your Situation&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Financial planning is an appropriate discipline for all age groups, whether you are starting your career or if, as in this case, you are looking for direction on your retirement provision.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio Wealth Management we have an experienced team of financial professionals, who can assist you with your portfolio and your financial planning, no matter what your life stage. We think long term, we use sound investment principles, and we are always conscious of tax efficiency.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Talk to your Unio Private Client Adviser or contact us at &lt;a href=&quot;http://info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&amp;nbsp;&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;&amp;nbsp;&lt;/p&gt;

When is retirement possible?

&lt;h2&gt;Case Study:&amp;nbsp;Advising a corporate client with surplus cash&amp;nbsp;&lt;/h2&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Background&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;A corporate client had been trading strongly for several years. Significant surplus cash had been accumulated and held in an on-demand deposit account accruing no interest and losing purchasing power due to inflation.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;The client wanted this surplus money to work harder and at a minimum earn a return that aimed to protect its purchasing power. The corporate identified a portion of the surplus cash that they were very unlikely to require over the next 3-5 years.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Our Role&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;We worked with the corporate client to understand their industry, the outlook for that industry and the likely business capital calls over the next 5 years.&amp;nbsp;Jointly we identified the corporate risk appetite.&amp;nbsp;Finally, we designed an investment strategy to meet the objective of maintaining the purchasing power of these monies.&amp;nbsp;Our work together also included structuring the investment in a tax efficient manner.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Key Need&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Our client&#39;s key requirement was to maintain the purchasing power of their surplus cash against rising inflation. They also wanted to be able to access the funds in the event of an emergency without any significant notice periods or early access penalties.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;h3&gt;Solution&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Firstly, we undertook risk profiling of the business strategy and then the two main owner directors to ascertain the business objective. We then agreed the investment objective and our client completed our risk assessment questionnaire which identified their investment experience and risk tolerance.&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Secondly, we presented what a typical investment journey would look like based on history and expected volatility for different risk adjusted investment portfolios. We then reviewed the tax benefits for Irish corporates investing in various investment structures. We discussed investing in passive income opportunities e.g., deposit interest. We discussed the likelihood of a liability to corporation tax on investment income and the investment income surcharge.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;We then moved to the planning and implementation phase where we prepared a tax-efficient investment recommendation.&amp;nbsp;The investment proposed was a medium risk portfolio investing in a blend of global equities, European corporate and government bonds, infrastructure equities, private equity, and real estate investment trusts (REIT’s). We ensured all funds were daily priced thus supporting informed decision making, we ensured all funds had daily liquidity ensuring emergency events were catered for.&amp;nbsp;Finally, we ensured there were no early access penalties.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The client completed the application process digitally and transferred the funds by electronic funds transfer (EFT). Anti-Money Laundering (AML) was also completed electronically.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;The overall strategy for the accumulated surplus cash ensured there was sufficient cash placed on an on-demand deposit for day-to-day operational requirements.&amp;nbsp;Medium term cash requirements were placed on short-term deposit and the longer-term cash was invested in an appropriate risk adjusted portfolio.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;At Unio Wealth Management we have an experienced team of financial professionals, who can assist you with your corporate portfolio and your financial planning.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;
&lt;p&gt;Talk to your Unio Private Client Adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;info@unio.ie&amp;nbsp;&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;

Advising a corporate client with surplus cash

&lt;h2&gt;Case Study: Gifting to Grandchildren&amp;nbsp;&amp;nbsp;&lt;/h2&gt;
&lt;p&gt;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Our client retired in 2006 and had a significant financial portfolio. However, he wanted to ensure two things:&amp;nbsp;Firstly, he wanted to ensure he would have sufficient capital and income to maintain his current lifestyle&amp;nbsp;and funds to pay for private nursing care if needed.&amp;nbsp;Secondly, he wanted to make gifts to his children and grandchildren and avail of all exemptions from capital acquisitions tax (CAT) to minimise the tax bill the next generation will incur.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;The Challenge&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Firstly, we did a cashflow planning exercise, to make sure that the client’s financial portfolio could meet his annual income requirements and to ensure it was in line with his preferred attitude to investment risk.&amp;nbsp;We structured his portfolio to do this successfully. Then we moved on to the tax efficient transfer of assets. Here, we focussed specifically on gifting to his grandchildren.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Our challenge was to work with our client to use the power of compound returns instead of putting money into low (or no) return deposit accounts.&amp;nbsp;We encouraged our client to make use of clever solutions to drip modest amounts of money monthly into the investment markets for his 11 grandchildren.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;The Solution&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;The annual Small Gift Exemption can be a powerful tax planning tool.&amp;nbsp;Each person in the State can make a gift to another of €3,000 per year without triggering any gift tax.&amp;nbsp;This is often used by families to make gifts to children and grandchildren. In this case, investing long term into a medium risk portfolio for each grandchild generated significant returns.&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Using simple mathematics, €3,000 multiplied by 11 grandchildren by 15 years is €495,000.&amp;nbsp;This is a significant amount of money taken out of our client’s potential taxable estate and transferred efficiently to the next generation.&amp;nbsp;By investing in an investment product, which is effectively in each child’s name, the annual gift is for the child’s benefit from the outset.&amp;nbsp;All investment returns over the 15 years have rolled up in the child’s name – not the grandparent’s.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;We can advise on a number of product solutions that can cater for annual investing in the name of a child or grandchild.&amp;nbsp;These solutions are robust with access to a wide range of investment funds.&amp;nbsp;In this case the key was to set up the client’s main portfolio properly at the outset, where it could generate the required amount of income.&amp;nbsp;After that, we assisted and advised on a clever way to utilise the surplus within the portfolio and to limit the size of the taxable estate on death.&amp;nbsp;&lt;/p&gt;
&lt;h3&gt;&amp;nbsp;&amp;nbsp;&lt;/h3&gt;
&lt;h3&gt;The Outcome&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;We picked one clear strategy, using one of the best investment products on the market.&amp;nbsp;We agreed an investment strategy for the asset allocation of the monthly investment plans, thinking long term and ignoring short term volatility. The €495,000 in total invested over 15 years, is now worth well in excess of the initial amount – a gain that would otherwise have been in the grandparent’s estate and would have been heavily taxed on death.&amp;nbsp;A final note – if both grandparents were alive, both could avail of the gift exemption and double the amount transferred over the period.&amp;nbsp;&lt;/p&gt;
&lt;h4&gt;&amp;nbsp;&amp;nbsp;&lt;/h4&gt;
&lt;h3&gt;The Perfect Solution for Your Situation&amp;nbsp;&lt;/h3&gt;
&lt;p&gt;Financial planning is an appropriate discipline for all age groups – whether you are starting your career, whether you are looking for direction on your retirement provision or if, as in this case, you are retired and are looking for clever ways to manage your assets.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;At Unio Wealth Management, we have an experienced team of financial professionals, who can assist you with your portfolio and your financial planning, no matter your stage in life.&amp;nbsp;We think long term, we use sound investment principles, and we are always conscious of tax efficiency.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Talk to your Unio Private Client Adviser or contact us at &lt;a href=&quot;mailto:info@unio.ie&quot; target=&quot;_blank&quot;&gt;&lt;u&gt;info@unio.ie&lt;/u&gt;&amp;nbsp;&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;
&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p style=&quot;text-align: justify;&quot;&gt;&lt;br&gt;&lt;/p&gt;

Gifting to Grandchildren

&lt;p&gt;You can choose the level of income to take each year from the ARF. When you die your ARF can pass to your estate.&lt;/p&gt;

&lt;p&gt;You can invest in a wide range of asset classes with potential for your fund to continue growing.&lt;/p&gt;

&lt;p&gt;You have flexibility and control over your post retirement fund.&lt;/p&gt;

&lt;p&gt;The decision to buy an ARF is reversible i.e. at a later date an ARF can be used to purchase an annuity.&lt;/p&gt;

&lt;h2&gt;APPROVED RETIREMENT FUND&lt;/h2&gt;
&lt;h3&gt;Key benefits&lt;/h3&gt;
&lt;p&gt;&lt;br&gt;&lt;/p&gt;

&lt;h3&gt;Connect with a Unio expert&lt;/h3&gt;
&lt;p&gt;Tell us a bit about your needs and goals, and we will match you with an adviser with the right expertise.&amp;nbsp;&lt;/p&gt;

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