European shares fall to a two-week low

European stocks fell to a two-week low as a stronger euro and mixed earnings reports prompted investors to assess the biggest monthly advance since November.

Norwegian and Spanish equities were the biggest gainers in western Europe this month, with the OBX index and the Ibex 35 up more than 3.4 per cent. Ireland’s ISEQ index was the worst performer, down 2.3 per cent.

US stocks posted their largest weekly drop in nearly three months yesterday as earnings continued to weigh, but the S&P 500 and Dow managed to close up for April after strong showings mid-month.

DUBLIN

The Iseq Overall Index fell by 1.23 per cent to 6,161.41 on a day of “weak trading” as investors closed out their positions at the end of the month.

Permanent TSB finished just more than 4 per cent lower at €2.734 while Bank of Ireland closed down 1.85 per cent at 26.5 cent. Ryanair finished down 2.6 per cent at €13.185 on a day when rival IAG said demand was falling after attacks in Brussels in March.

Building materials group CRH closed down 2.8 per cent at €25.37. On Thursday, some 40 per cent of shareholders voted against a potential €8 million annual bonus plan for its chief executive, Albert Manifold.

The index was helped by price rises for two of its heavyweight stocks – Paddy Power Betfair and Kerry Group.

The bookmaker finished 0.7 per cent ahead at €117.05 while Kerry closed up 0.5 per cent at €77.87.

LONDON

Britain’s top stock market index slid to record its second straight week of losses, hit by a fall in the shares of

Royal Bank of Scotland

and airline

IAG

.

The blue-chip FTSE 100 index ended down 1.3 per cent at 6,241.89 points. The index is broadly flat since the start of 2016.

The FTSE slumped in January and February on concerns about a China-led global economic slowdown but has since recovered, and is up around 14 per cent from a 2016 low point of 5,499.51 points reached in early February.

RBS was the worst-performing stock, falling 6.1 per cent after reporting first-quarter losses.

British Airways-owner IAG also fell 4.7 per cent. While IAG slightly beat earnings estimates, it said demand was falling after attacks in Brussels in March, and added it would slow down its expansion plans.

EUROPE

Carmakers were among the biggest fallers in the Stoxx Europe 600 Index groups.

Renault SA

and

Volkswagen AG

dropped more than 4 per cent on concern the euro’s move will hurt exporters.

Sanofi tumbled 5.4 percent after its sales missed projections.The Stoxx 600 declined 2.1 per cent at the close of trading, as all 19 industry groups fell.

The euro extended gains versus the dollar as weak US data dimmed prospects for a rate hike there, while the Standard and Poor’s 500 Index headed for its biggest two-day drop since February.

While the Stoxx 600 capped its biggest weekly drop since February, down 2 per cent, shares have climbed in April. The benchmark reached its highest level since January last week, led by a rally in miners and energy producers. It was up 1.2 per cent in April.

NEW YORK

On Wall Street,

Apple

shares were down for the 10th session in the last 11 and closed the week down 11.3 per cent, the largest such decline since January 2013. Its April fall was 14 per cent.

Apple and Gilead, alongside Corning, Goodyear and Xerox were among the companies that reported earnings this week and closed with double-digit declines in their stock

The Dow Jones fell 57.12 points, or 0.32 per cent, to 17,773.64, the S&P 500 lost 0.51 per cent and the Nasdaq dropped 0.62 per cent to 4,775.36.

– (Additional reporting: Bloomberg and Reuters)