Global markets fell on Thursday amid a slew of economic data that dampened hopes of any more rate cuts in the foreseeable future by the Federal Reserve.
Dublin
Euronext Dublin finished the day up 0.3 per cent with budget airline Ryanair the standout performer on the day, climbing 1.6 per cent.
Cavan-based insulation specialist Kingspan gave up 0.4 per cent following its stellar performance on Wednesday when it finished up 8.2 per cent after it said it is considering floating its advanced building systems unit Advnsys, which could be worth €6 billion.
Among the financial names, there was not much between the banks as AIB and Bank of Ireland finished up 0.4 per cent and 0.3 per cent respectively, largely in line with the index.
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Elsewhere, Kerry Group sank 1 per cent a day after the multinational opened its new biotechnology centre in Leipzig, Germany, where it will look to develop its next generation of nutritional products.
London
Stocks in London closed lower as investors turned cautious over inflation risks and the Bank of England’s interest rate outlook, while weakness in medical device makers and healthcare shares added to the drag.
The benchmark FTSE 100 fell 0.4 per cent, its biggest percentage slide in a week. The domestically focused FTSE 250 was down 0.5 per cent.
British medical equipment and services stocks fell 2.3 per cent after the US Commerce Department said it had opened new national security investigations into the import of personal protective equipment, medical items, robotics, and industrial machinery.
Medical equipment maker Convatec Group was the biggest decliner on the FTSE 100, falling 5.6 per cent, while Smith+Nephew declined 1.2 per cent. An index of healthcare stocks also declined 1.8 per cent.
Mitchells and Butlers fell 8.5 per cent after the British pub and restaurant operator reported a weak sales growth compared to the previous quarter.
Petershill Partners jumped 34.2 per cent after the investment group, majority owned by Goldman Sachs, became the latest UK-listed firm to announce plans to delist from the London Stock Exchange, citing dissatisfaction with its share price and valuation.
An index of industrial metal miners continued gains from the previous session, up 1.5 per cent, tracking gains in copper prices. Rio Tinto was the top gainer in the FTSE 100, up 3.5 per cent.
Europe
The pan-European Stoxx 600 index fell 0.56 per cent with med-tech stocks coming under pressure after news of the US opening new import-related probes, and investors focused on Fed commentary.
Euro zone government bond yields nudged higher, tracking US Treasuries after upbeat US economic data, but rate volatility continued to ease with the European Central Bank expected to remain on hold until the end of 2026.
Germany’s 10-year yield, the benchmark for the euro zone, was 2.5 basis points higher at 2.76 per cent, after falling earlier in the session.
New York
Wall Street’s main indexes slumped to their lowest in a week as fresh economic data tempered optimism around further interest rate cuts, indicating a sharp shift in sentiment across a market betting on aggressive easing.
At 11.37am eastern time, the Dow Jones Industrial Average fell 0.12 per cent; the S&P 500 lost 0.4 per cent; while the Nasdaq Composite was down 0.38 per cent.
Shares in Abbot slipped 1.6 per cent and Medtronic fell 2.3 per cent, while the S&P Health Care Equipment index dropped 2 per cent on the day.
IBM shares rose 5.6 per cent after the company unveiled a partnership with HSBC, capping losses on the Dow. The S&P 500 technology stocks were flat, while the broader semiconductor index dipped 0.3 per cent.
CarMax slid to its lowest in more than five years, becoming the biggest loser on the S&P 500, after the used-car retailer reported lower second-quarter profit. Its shares were last down 20 per cent.
Intel rose 6.7 per cent, a day after Bloomberg News reported that the chipmaker has approached Apple about securing an investment. – Additional reporting: Agencies
