Global shares fall amid growing US presidential election jitters

European shares fell for an eighth consecutive day, following a global sell-off amid growing investor anxiety as polls indicated that the race between Hillary Clinton and Donald Trump for the White House has tightened.

The US presidential election is heightening volatility and tension in a market already suffering from scepticism about the economic recovery and concern about future central bank policies.

As expected, the Federal Reserve kept interest rates unchanged in its last policy decision before the election, but signalled it could increase rates in December.

DUBLIN The Iseq bucked the negative trend across Europe, thanks to strong gains for stocks reporting earnings. The Dublin market closed up 0.7 per cent, helped by a 0.6 per cent lift for Ryanair, the second biggest stock on the index, and climbs of at least 5 per cent for Kerry, Glanbia and Smurfit Kappa.

Food group Kerry advanced 5 per cent to €68.85, after it said it had recorded "sustained volume growth" in the first nine months of the year despite the uncertainty triggered by Brexit and current weakness in global markets.

Investors also liked what they heard from cheesemaker Glanbia, which climbed 7 per cent to €15.01 after the group reiterated its full-year forecasts. Heading into its quarterly results, shares in Glanbia had been trading 25 per cent below their March peak.

Smurfit Kappa also had a good day, finishing up 5.6 per cent at €20.65, after it posted a better-than-expected 6 per cent increase in third quarter earnings. Higher volumes of cardboard box sales more than offset negative currency movements and rising costs of recycled materials.

Bank of Ireland and CRH were among the fallers.

LONDON The FTSE 100 index slipped to a one-month low

yesterday as global equities suffered from nerves over the upcoming US presidential election and Standard Chartered was hit by broker downgrades.

The index of blue-chip shares fell for a third straight session, ending 1 per cent weaker after slipping to its lowest level since late September.

The top individual faller was Standard Chartered, which dropped again after Tuesday’s worse-than-expected results. It fell 4.3 per cent yesterday after suffering broker downgrades from Deutsche Bank and Natixis.

EUROPE

The Stoxx Europe 600 Index fell 1.1 per cent, taking its eight-day plunge to 3.7 per cent, and sinking to its lowest level in almost four months. Banks, automakers and energy producers all plunged, as investors sought out “safe” sectors.

The Stoxx 600 In Paris, the Cac 40 fell 1.2 per cent, while Frankfurt’s Dax closed down almost 1.5 per cent.

Shipping company AP Moller-Maersk tumbled 7.1 per cent after reporting a slump in earnings as the industry suffers from overcapacity. Danske Bank declined 3.5 per cent after Maersk sold its remaining stake in Denmark's biggest lender.

German luxury fashion house Hugo Boss climbed 5 per cent after reporting profit that beat estimates thanks to cost cuts and growth in China.

NEW YORK

US stocks retreated for a seventh consecutive day yesterday, the market’s longest decline in five years. A steep decline in oil prices also shook investor confidence.

The Dow Jones lost 77.46 points, or 0.4 per cent, to finish 17,959.64. The Standard & Poor’s 500 index lost 13.78 points, or 0.7 per cent, to 2,097.94 and the Nasdaq fell 48.01 points, or 0.9 per cent, to 5,105.57.

The Mexican peso, which has become a de facto proxy for Mr Trump’s chances to win the election, has fallen steadily against the US dollar since Friday and fell another 1 per cent yesterday to 19.425 pesos to the dollar.

– (Additional reporting: Reuters/Bloomberg)