Global stocks decline amid concern over downturn in growth

Euronext Dublin described as ‘red across the board’ by a trader after poor performances from main players

World stock indexes eased and the US dollar rose on Tuesday as economic data in China and Europe fuelled worries about slowing global growth.


Euronext Dublin was described as “red across the board” by a trader after poor performances from its main players dragged the index down just over 1 per cent.

CRH was down 1.5 per cent in line with a sectoral move. “Some of the bigger US cement names were a bit weaker and I think with CRH’s impending listing change to New York, there are a lot more eyes on the US names,” a trader said.

Among the banks Bank of Ireland was down 1.5 per cent, while AIB dropped 0.5 per cent.


British paper company DS Smith issued an update indicating it is trading ahead of expectations, which benefited box-maker Smurfit Kappa in Dublin, but it still finished the day down 35 basis points.

Paddy Power Betfair-parent Flutter Entertainment – another of the index’s biggest hitters – finished the day down 1.4 per cent.

Ryanair was down 0.5 per cent, but it fared better than many of its peers, with Aer Lingus-parent International Airlines Group and Lufthansa both down 1 per cent.

A standout performer was Woodies DIY-owner Grafton Group, which defied a sectoral move down to climb 1 per cent. Among its peers insulation specialist Kingspan was down 2 per cent at close of business.


Britain’s top index climbed 0.2 per cent after strong showings by Shell and BP due to a resurgence in oil prices.

In company news Johnson Service Group jumped in value after it hiked its outlook and told investors that the proportion of money being spent on labour costs dropped and is set to fall further. The workwear and textiles specialist reported that its financial results for the full year would be better than previously thought in its second upgrade in as many months. Johnson Service Group shares rose 14p to 138p.

Royal Mail-owner International Distributions Services saw shares finish higher after regulator Ofcom announced plans to review the UK’s universal postal service regime. Shareholders cheered the announcement, which could support Royal Mail’s efforts to reduce letter deliveries from six days a week to only five. Shares in the parent firm lifted 3.8p to 241.5p.

B&M European Value Retail was in the red despite securing a roughly £13 million deal to buy up to 51 shops from stricken rival Wilko to support its growth plans. Shares in the company were 19.2p lower at 547.8p as traders were more swayed by a downbeat report from brokers at JP Morgan Chase, as well as the weaker UK service industry figures.


The continent’s biggest markets finished in the red after weak service industry figures dragged on trading sentiment.

Markets recovered ground during the session, but failed to close higher as investors remained cautious.

Germany’s Dax index was 0.34 per cent lower for the day, and the Cac 40 closed down 0.34 per cent.

New York

Wall Street’s main indexes fell in choppy trade, pressured by a rise in Treasury yields as investors assessed prospects for interest rate cuts by the Federal Reserve, while gains in energy stocks on higher crude prices limited losses.

US-listed shares of Chinese companies including PDD Holdings,, Baidu and Alibaba fell between 0.7 per cent and 2.5 per cent.

The energy sector was a bright spot, up 1.3 per cent and at a seven-month high after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts.

The S&P 1500 airlines index lost 1.9 per cent. Utilities led declines among S&P 500 indexes, down nearly 2 per cent, while the China-exposed materials sector fell 1.2 per cent.

Major growth stocks were mixed, with and Nvidia down 1.2 per cent and 0.4 per cent, while Tesla gained 3.1 per cent. – Additional reporting: Agencies

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter