Global shares hit their third record high in three days despite Fed concerns

Global shares hit their third record high in three days on Thursday despite growing market concerns about the US Federal Reserve’s independence.

Dublin

Euronext Dublin finished the day up 0.5 per cent, which was largely in line with international peers.

Ryanair climbed 40 basis points, but underperformed the sector with Aer Lingus parent International Airlines Group and Air France up 2 per cent and 4.5 per cent respectively.

It was a mixed bag for the home builders with Cairn Homes up 2 per cent, while Glenveagh Properties was down 23 basis points.

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Meanwhile, insulation specialist Kingspan finished the day up 1.2 per cent, while Ires Reit – the biggest landlord in the State – climbed 1.3 per cent.

Among the food names, Kerry Group was up 22 basis points at close of business, while Origin Enterprises, Greencore, and Glanbia climbed 2.7 per cent, 2.2 per cent, and 1.8 per cent respectively.

London

The UK’s main stock indexes rose, with midcaps closing at a 10-month high as investors digested corporate results and considered the outlook for interest rates after data indicated softening consumer spending.

The internationally-focused FTSE 100 ended up 0.2 per cent, with a jump in the pound to its highest since 2021 weighing on dollar earners such as Unilever and HSBC. The FTSE midcap index climbed 0.8 per cent to its highest close since August.

Among companies that reported, Inchcape gained 5.9 per cent after the car distributor maintained fiscal-year outlook through cost-cutting measures that offset US tariffs and increased competition.

Moonpig slumped 9.2 per cent to touch a more than two-month low after the greeting card retailer forecast slower earnings growth and announced the departure of its CEO.

Next 15 Group slumped 28 per cent after the consultancy and marketing services provider warned full-year 2026 profit would significantly miss market expectations.

Europe

European shares edged higher again, buoyed by signs that the Israel-Iran ceasefire appeared to be holding and that European Union leaders were preparing to set their stance for US trade tariff talks ahead of a Trump-imposed deadline of July 9th.

The region’s flagship Stoxx 600 index was up 0.2 per cent on the day while MSCI’s record-high world stocks benchmark was up 0.4 per cent, leaving it almost 8 per cent ahead for the year. The euro jumped 0.6 per cent to $1.173, its strongest since 2021.

Euro zone bond yields fell slightly after rising the day before, as markets weighed worries about rising fiscal spending against the outlook for monetary policy.

Germany’s 10-year government bond yield, the euro zone’s benchmark, was last down 1 basis point at 2.555 per cent, after rising 3 basis points the day before. The 30-year yield was little changed at 3.07 per cent.

“We’re range trading,” said Anders Svendsen, chief analyst at Nordea. “I think we should be careful not to over-interpret daily moves.”

New York

The dollar sank to a more than three-year low after reports Donald Trump is planning to choose the next Federal Reserve chief early.

The US dollar index was down nearly 0.5 per cent on the session and more than 10 per cent for the year. If it stays that way in the next few days it will be its biggest fall in the first half of a year since the start of the era of free-floating currencies in the early 1970s.

Wall Street’s main indexes were trading higher, with the benchmark S&P 500 and Nasdaq nearing record highs. The Dow Jones Industrial Average rose 0.74 per cent; the S&P 500 rose 0.66 per cent; and the Nasdaq Composite rose 0.73 per cent.

Copper miners gained after the red metal’s prices jumped to a three-month high. Freeport Freeport-McMoRan rose 6.2 per cent and Southern Copper advanced 6.5 per cent.

Equinix’s shares dropped 9.2 per cent after its annual growth forecast failed to impress investors, with multiple brokerages cutting their ratings on the data centre company’s stock. – Additional reporting: Agencies