Global markets were muted on Thursday as investors digested a second day of government shutdown in the United States.
Dublin
Euronext Dublin finished the day up 0.35 per cent as it outperformed international peers.
Among the financial names, there were mixed fortunes for the banks as AIB slipped 0.1 per cent, while Bank of Ireland was a standout performer, climbing 1.6 per cent.
The index was also boosted by strong showings from food giant Kerry Group and Cavan-based insulation specialist Kingspan, which finished the day up 1.7 per cent and 2 per cent respectively.
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Ryanair was flat on the day despite a planning decision that raised hopes airlines could add up to 5,000 more flights at Dublin Airport next summer.
London
The FTSE 100 closed down 0.2 per cent despite strong gains by Tesco but remained in touching distance of Wednesday’s record highs.
Investors in Tesco received a double dose of good news with better-than-expected first-half trading and a report suggesting that UK retailers are set to escape the top business rate tax band.
Shares in the Welwyn Garden City-based food retailer climbed 5.3 per cent, the biggest riser on the FTSE 100.
BT Group fell 2.5 per cent as Exane BNP cut the company to “underperform” from “neutral” and lowered its price target for the telecommunications provider to 150p from 160p.
Europe
European stocks extended a record-breaking rally as investors ramped up wagers on Federal Reserve interest-rate cuts following downbeat economic data.
The Stoxx 600 gained 0.5 per cent to close at a fresh record high. Autos and tech stocks led the gains, while real estate and banks were the biggest laggards.
Among individual names, Siemens AG climbed 4.2 per cent after people familiar with the matter said the firm is exploring spinning off a large part of its majority stake in Siemens Healthineers AG.
The Dutch AEX Index also hit its first record high since February, driven by gains in chip giant ASML Holding NV.
Several UK retailer stocks climbed after the Financial Times reported that chancellor Rachel Reeves is set to remove them from the top band of business rates amid food inflation concerns.
European stocks have entered the fourth quarter on a high note after being range-bound for the past few months. The Cac 40 in Paris finished up 1.1 per cent, while the Dax 40 in Frankfurt rose 1.3 per cent.
New York
The benchmark S&P 500 and the tech-heavy Nasdaq indexes retreated after hitting intraday record highs as investors locked in gains during a data-light stretch with the US government shutdown entering a second day.
The swift pullback underscores how fragile market momentum remains, with stretched valuations and uncertainty about the Federal Reserve’s lack of visibility into economic data keeping traders on edge.
Tesla slipped nearly 2 per cent after initial gains on a strong quarterly deliveries report, as some analysts flagged risks to sales in the upcoming quarters.
The S&P 500 healthcare sector also fell 0.4 per cent, on track to break its four-day streak of gains.
The tech sector, up 0.3 per cent, was the biggest boost to the S&P 500. Nvidia rose 1 per cent, while Broadcom and Advanced Micro Devices were up 2 per cent and 3.2 per cent, respectively.
The stocks catapulted the broader semiconductor index to a record high, and helped boost the Nasdaq. Consumer discretionary stocks fell 0.7 per cent and were the biggest drag on the S&P 500.
Credit bureaus Equifax and TransUnion fell 9.2 per cent and 12 per cent, respectively, after FICO launched a program that could allow mortgage lenders get access to credit scores without relying on the bureaus. FICO surged 18.9 per cent to top the benchmark index.
Occidental Petroleum said it would sell its petrochemical division to Warren Buffett’s Berkshire Hathaway for $9.7 billion. Shares of the oil and gas producer fell 5.9 per cent. – Additional reporting: Agencies
