Markets across Europe ended the day mostly higher, boosted by prospects of sustained interest rate cuts in the United States However, sentiment in New York was cautious ahead of key economic data later in the week.
Dublin
Euronext Dublin finished the day up 0.5 per cent, running against the trend as it was boosted by a strong showing from Ryanair.
The no-frills airline was up 4.6 per cent at close of business after chief executive Michael O’Leary signalled in an interview that the threat of a double-digit percentage drop in average air fares has been averted.
The bounce in its share price spread to other airlines, with Wizz Air and EasyJet climbing 5 per cent and 7 per cent respectively. Aer Lingus parent International Airlines Group was up 2 per cent. “Overall, the airline sector was quite strong,” a trader noted.
Among the food names, Glanbia was up 1.5 per cent, while Kerry Group climbed 1 per cent. Elsewhere, insulation specialist Kingspan, which is one of the biggest groups left on the market, was down 2 per cent.
Among the financials, Bank of Ireland and AIB were down 0.8 per cent and 0.6 per cent respectively. PTSB however was up 1.9 per cent at the close of trading.
London
The UK’s benchmark FTSE 100 stock index ended higher, led by gains in travel and mining shares, while Bunzl hit a record high after the business supplies distributor forecast a strong annual profit.
The blue-chip FTSE 100 index was up 0.2 per cent, marking its fourth straight day of gains while the domestically-focused mid-cap FTSE 250 was down 0.1 per cent.
Industrial metal miners edged up 0.7 per cent as buying was triggered by expectations of an imminent interest rate cut in the United States, a weaker dollar and signs of improving demand in top consumer China boosted copper prices.
Bunzl jumped 8 per cent to the top of the FTSE 100 after raising its annual adjusted operating profit forecast, helping the general industrials index touch a record high.
On the flip side, the homebuilders index was the biggest sectoral decliner with a 4.2 per cent fall. Industry heavyweights Barratt Developments, Berkeley Group, Persimmon and Taylor Wimpey were all down by between 3.1 per cent and 6.6 per cent.
Europe
European shares moved higher following a subdued start to the week, supported by heavyweight miners, although investors remained cautious ahead of key economic data this week.
Frankfurt’s Dax index rose 0.44 per cent after detailed GDP data released earlier in the day showed the economy shrank by 0.1 per cent in the second quarter of 2024.
Elsewhere, the Cac 40 in Paris closed down 0.32 per cent, while the Stoxx Europe 600 rose 0.2 per cent and the MSCI World Index was little changed.
Investors are waiting for more key economic data from Germany, Spain, France and Italy this week.
New York
Wall Street’s main indices were flat as caution prevailed ahead of a highly anticipated earnings report from AI chip firm Nvidia and key economic data expected later in the week.
The benchmark S&P 500 and the Nasdaq see-sawed between marginal gains and losses, with focus on the upcoming quarterly report from Nvidia that is due on Wednesday.
The chip designer’s shares reversed early losses in choppy trading and were last up 1.1 per cent. The Philadelphia SE Semiconductor index rose 0.4 per cent.
Tech stocks led sectoral gains with a 0.3 per cent rise. However, gains on the benchmark S&P 500 were limited by a 0.8 per cent decline in consumer discretionary shares, weighed down by a 1.6 per cent fall in Amazon.com.
Paramount Global slid 5.6 per cent after Edgar Bronfman jnr abandoned his bid for the company, clearing the way for Skydance Media to take control of Shari Redstone’s media empire.
Tesla extended declines from the previous session and fell 2 per cent after Canada said it will impose a 100 per cent tariff on the imports of Chinese electric vehicles. – Additional reporting: agencies
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