Big stock markets jumped on Tuesday after three days of heavy selling as investors were optimistic Washington might be willing to negotiate on some of its aggressive tariffs.
Dublin
Euronext Dublin finished the day up 3.7 per cent after recovering some of the ground lost in previous days.
The standout performer on the day was Ires Reit, the biggest landlord in the State, which closed up 6.6 per cent on the back of industry commentary suggesting a relaxation of rent rules could be coming down the track.
Ryanair also had what one trader described as a “very strong day”, climbing 5.9 per cent. Insulation specialist Kingspan, another of the index’s heavy hitters, finished the day up 3.3 per cent.
The Irish banks slightly outperformed their international peers with AIB and Bank of Ireland up 4.5 per cent and 3.1 per cent respectively.
The index was described by a trader as a “sea of green” following the closing bell.
“It made up most of the ground it lost on Monday, but obviously Friday was a shocking day as well, so we are definitely not back to where we started from and there is still a lot of uncertainty out there,” she added.
London
The blue-chip FTSE 100 rose 2.7 per cent, its biggest daily jump since March 2022, recovering from its lowest close in more than a year in the previous session.
The domestically focused midcap index gained 3.3 per cent, bouncing back after three consecutive sessions of losses. The majority of stocks in the blue-chip index closed higher.
“With hints of negotiations in the air, relief has flooded through financial markets, with the FTSE 100 rebounding from a chunk of yesterday’s losses”, said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Aerospace and defence led sectoral gains, up 5.6 per cent. Rolls-Royce and BAE Systems were among the top gainers in the FTSE 100, up 6.8 per cent and 4.6 per cent, respectively.
Precious metal mining stocks were up 3 per cent after the price of gold rose back above $3,000 per ounce.
Pawnbroker Ramsdens saw its shares bounce almost 15 per cent to their highest level for a month after it raised its outlook for the year following a boost to precious metal profits driven by higher gold prices.
BT Group was one of the day’s notable fallers, dropping by 3.1 per cent after analysts at UBS warned that the telecoms giant could suffer from Sky’s deal to move broadband customers to rival CityFibre.
Europe
Shares on the continent rose from 14-month lows after four straight sessions of heavy selling, although investors’ mood remained sensitive to tariff-related developments.
MSCI’s gauge of stocks across the globe rose 3.4 per cent, while the pan-European Stoxx 600 index rose 2.7 per cent.
The Cac 40 in Paris ended 2.5 per cent higher for the day, while the Dax in Germany was up 2.4 per cent.
The Stoxx 600 was down 12.1 per cent in just the past four sessions as investors worried about a possible global recession triggered by the recent escalation in the trade war.
As of Monday’s close, the index had declined 17.9 per cent from its all-time high hit on March 3rd.
Trump’s tariffs: “The rest of the world is now going to de-risk from the United States”
New York
Wall Street’s main indexes recouped some of the heavy losses clocked since last week as technology and financials led the gains.
Big Tech rebounded, with Nvidia jumping 5.6 per cent and Microsoft adding 3 per cent. The information technology subindex advanced 3.6 per cent, leading gains among the 11 major sub-sectors.
In milate-morning trading the Dow Jones Industrial Average was up 2.4 per cent; the S&P 500 gained 2.4 per cent; and the Nasdaq Composite gained 2.6 per cent.
Despite the gains, the three major indexes are down about 9 per cent from levels seen before the reciprocal tariff announcement on April 2nd.
Among big movers, Health insurer UnitedHealth Group and Humana jumped 7.1 per cent and 11.2 per cent respectively. – Additional reporting: Agencies
