Global shares were little changed on Monday as investors took a breather following five straight sessions of gains and in advance of key data on the US economy.
A rout in bitcoin gathered pace, weighing on crypto-related stocks while tech stocks lost momentum, and rising gold prices boosted mining stocks.
Investors were also awaiting a speech from US Federal Reserve chairman Jay Powell that could hint at this month’s policy decision.
DUBLIN
In line with its European counterparts, the Iseq index eked out a 0.1 per cent gain in a mixed session for the heavyweights of Euronext Dublin.
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Ryanair dipped 0.5 per cent to close the session at €28.08 after confirming the closure of its frequent flyers club scheme.
Irish banks, meanwhile, were stronger again. AIB added 0.4 per cent to €8.88 per share, while Bank of Ireland advanced by 1.6 per cent to €16.22.
In a relatively quiet session, Kerry Group was unchanged at €79.95 while Kingspan slid 0.6 per cent to close at €73.40 per share.
LONDON
The UK’s benchmark FTSE 100 index was essentially flat while the mid-cap FTSE 250 dipped by more than 0.6 per cent.
Industrials weighed down the mid-cap index amid a general risk-off global sentiment across markets.
Aerospace and defence stocks led sectoral losses, with aircraft manufacturer Rolls-Royce and defence engineering firm BAE Systems falling 3 per cent and 2.5 per cent, respectively.
Keeping losses in check, precious metal mining stocks added 3.6 per cent, tracking metal prices. Hochschild Mining and Fresnillo rose more than 5 per cent each. Antofagasta advanced by 2.3 per cent while Anglo American added 1.4 per cent.
EUROPE
European shares were little changed, with the blue-chip Stoxx 50 index flat and the pan-European Stoxx 600 down by a little more than 0.2 per cent.
A drop in defence stocks helped fuel the weakness in European indices after US and Ukrainian officials held what both sides called productive talks on Sunday about a possible Russia-Ukraine peace deal.
Airbus suffered the largest setback, falling 5.7 per cent after recalling and ordering immediate repairs to 6,000 jets on Friday due to a software issue. Thales, the company that made the computers, fell 2.6 per cent.
Germany’s Rheinmettal fell 2.5 per cent, as did Italy’s Leonardo.
On the flip side, the basic resources sector rose 0.9 per cent, tracking higher gold and silver prices.
Among other stocks, Vivendi shares shed 2.8 per cent after Kepler Cheuvreux downgraded the stock to “hold”.
NEW YORK
US stocks entered December in a cautious mood, pressured by a renewed slide in cryptocurrencies and rising bond yields after the Bank of Japan signalled it may soon tighten its policy.
Traders are bracing for a slew of economic data in advance of the Federal Reserve’s next policy meeting, including manufacturing data after the opening bell, an outdated print on personal consumption and November’s private payrolls report.
The S&P 500 edged down 0.6 per cent, while the tech-heavy Nasdaq Composite slid 0.8 per cent and the Dow Jones Industrial Average was down by 0.5 per cent.
Stocks exposed to cryptocurrencies fell as bitcoin dropped to around $86,000, dragging big tokens lower. Shares of Coinbase and MARA Holdings were down at least 5 per cent each.
The so-called Magnificent Seven stocks were also weaker, with Meta and Nvidia down by more than 1 per cent.
Elon Musk’s Tesla was slightly lower after monthly registrations in key European markets including Norway, France and Sweden again slumped from a year earlier. – Additional reporting: Bloomberg, Reuters
