DAVY VIEW

Last week’s US nonfarm payrolls for April exceeded expectations, and we note that Q1 corporate earnings have also been exceptionally strong. For the UK, while Labour’s weak local election result was widely expected, the pathway to a change from Sir Keir Starmer’s party leadership remains unclear and Q1 GDP data due this week look set to be reasonably strong. We also expect a gradual moderation in Irish residential property prices and continued growth in employee payrolls (March data for each).