Financial and healthcare stocks drag down European shares
DUBLIN
The Iseq All-Share index ended the session narrowly in the black, up 0.06 per cent at 11,262.29, on Tuesday.
Hotel group Dalata closed down 2.6 per cent to €6.37 after a Scandinavian consortium reached an agreement
to buy the business for €1.4 billion.
READ MORE
Permanent TSB was 1.91 per cent weaker on €2.05 after news broke early in the day that
NatWest Group had sold its remaining 11.65 per cent shareholding
in the bank, raising €126 million.
Ryanair also fell, giving up 0.88 per cent to €23.57 on the day, alongside healthcare services group Uniphar which dropped 1.08 per cent, continuing losses from yesterday.
Irish Ferries brand owner Irish Continental Group was the strongest performer on the index, closing up 1.44 per cent to €5.64. Gains by bankers kept the market in the green, with AIB rising 1.19 per cent and Bank of Ireland adding 1.25 per cent.
LONDON
The FTSE 100 retreated from record highs as rising US inflation raised concerns about the impact of tariffs. Investors also focused on the Bank of England's monetary policy path.
The blue-chip FTSE 100 dropped 0.7 per cent to 8,938.32, having crossed the 9,000 mark for the first time earlier in the day, while the domestically oriented FTSE 250 index fell 0.2 per cent.
British stocks have largely shrugged off concerns about chaotic US trade policies, with the UK being the first country to secure a trade deal with the United States.
Among individual stocks, GSK fell 1.5 per cent after the US Food and Drug Administration raised safety concerns that the drugmaker's blood cancer drug Blenrep, when used in combination with other treatments, may cause eye damage in patients.
Experian rose 4.3 per cent after the credit data firm reported 8 per cent organic revenue growth in its first quarter and reaffirmed its annual forecasts.
Britain's largest home builder Barratt Redrow slumped 8.9 per cent after it said home completions missed expectations for fiscal 2025.
EUROPE
The pan-European STOXX 600 index fell 0.36 per cent. Several big European defence stocks were weaker after US President Donald Trump threatened to impose stiff economic penalties on Russia if it doesn't end hostilities with Ukraine within 50 days. The threat came as he pledged fresh weapons supplies for Kyiv.
Rheinmetall dropped 2.77 per cent and Dassault Aviation fell 2.47 per cent.
In the euro zone, the banking index slipped 1.1 per cent. Germany's Commerzbank, Italy's Banco BPM and France's Société Générale each fell more than 2 per cent
Healthcare also lagged, with Danish drugmaker Novo Nordisk sliding 2.3 per cent. Ericsson reported upbeat results but the Swedish telecom equipment maker's shares declined 7.7 per cent after it warned that tariffs could crimp its margin growth.
Danish offshore wind developer Orsted gained 8.3 per cent after Morgan Stanley raised its rating to 'overweight' from 'equal weight'.
Accelleron rose 8.7 per cent to a record high after the engine components maker increased its revenue forecast for 2025.
NEW YORK
The Nasdaq cruised to a fresh record high in midafternoon trading on Tuesday, powered by a jump in Nvidia, while the S&P 500 hovered below its peak as investors digested an inflation report and a flurry of big bank earnings.
AI-chip leader Nvidia was higher after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, including Advanced Micro Devices and Super Micro Computer. The gains led the technology sector to a record high.
JPMorgan Chase slipped despite raising its 2025 net interest income outlook, while Wells Fargo fell even as its profit rose on reduced loan-loss reserves.
BlackRock notched a new milestone, managing a record $12.53 trillion in assets amid optimism over trade deals and rate cuts, yet its shares were also weaker.
The KBW Bank Index sank to a two-week low, but Citigroup bucked the trend by climbing after its traders delivered a windfall that boosted second-quarter profits. – Additional reporting, Reuters, PA.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
13 minutes ago
- Irish Times
Irish Times poll: Support for Government parties holds steady as Sinn Féin slumps
Support for the Government parties is holding steady while Sinn Féin has slumped since the spring, according to the latest Irish Times/Ipsos B&A opinion poll . There is a substantial increase in support for independents since the last poll in April , the figures show. As economic threats loom for the Coalition from US tariffs and concerns about the multinational sector, the Government parties show little movement in support since April. The state of the parties, when undecided voters and those unlikely to vote are excluded, is: Fianna Fáil on 22 per cent (no change), Sinn Féin on 22 per cent (down four), and Fine Gael on 17 per cent (up one). READ MORE The comparisons are with the previous Irish Times poll, published last April 16th. Source: Ipsos B&A Source: Ipsos B&A Among the smaller parties, the Social Democrats party is at 6 per cent (down one), Labour is on 4 per cent (down one), the Green Party is at 3 per cent (no change), People Before Profit-Solidarity is on 2 per cent (down one) and Aontú is on 2 per cent (up one). Independents /others are at 22 per cent (up five), a figure that includes the Independent Ireland party. Undecided voters – who are excluded from the above figures – are at 25 per cent, a sharp increase of six points since April. Satisfaction with the Government is steady, at 36 per cent, while Taoiseach and Fianna Fáil leader Micheál Martin remains the most popular party leader, with a 44 per cent satisfaction rating, down by one point. However, Tánaiste and Fine Gael leader Simon Harris slips down by four points to 38 per cent. He is just in advance of Sinn Féin leader Mary Lou McDonald , who sees a marginal one-point decline to 36 per cent. Source: Ipsos B&A Despite the polling numbers holding up for the Government parties, the public has little sense that they are getting to grips with the State's problems. Asked if the Government is 'making progress at tackling the problems facing the country', 30 per cent said they believe progress has 'stalled', while 53 per cent said the 'problems are getting worse'. Just 14 per cent of respondents said the Government is 'making progress'. Even among Fianna Fáil and Fine Gael voters, there was not a majority of respondents who believed the Government is making progress in tackling the difficulties. Source: Ipsos B&A Nonetheless, the numbers are likely to come as a relief to the Coalition parties, especially to Fine Gael which had seen a series of sharp declines in support throughout the general election campaign last November and into the new year. The last poll showed the party had dropped to a level not seen in 30 years. That steady fall has now been arrested, and even slightly recovered, though the party remains behind Sinn Féin and Fianna Fáil. Sinn Féin will be less happy with the results. Its support jumped in the wake of the general election and the formation of Government, but has fallen back substantially today. Mary Lou McDonald has the lowest satisfaction rating of all the main party leaders. Is Mary Lou McDonald about to enter the presidential race? Listen | 41:13 The poll was conducted among a representative sample of adults aged 18 years and upwards across 120 sampling points throughout all constituencies. Unlike most other opinion polls, The Irish Times/Ipsos B&A series is conducted through face-to-face sampling. Personal in-home interviewing took place on July 14th and 15th. There were 1,200 interviews conducted and the accuracy is estimated at plus or minus 2.8 per cent.
Irish Times
13 minutes ago
- Irish Times
Bank of Ireland raises Irish economic growth estimates, with one big caveat
Bank of Ireland has raised its Irish economic growth estimates, amid surging exports and investment spending. However, it has applied a major caveat: that US president Donald Trump will abandon his threat to impose 30 per cent tariffs on EU imports to keep the levy on most Irish goods at the rate of 10 per cent. It also assumes that pharmaceuticals, which made up about 60 per cent of Irish exports to the US last year, would be exempt, contrary to warnings from Mr Trump. 'Clearly the outlook is especially uncertain currently. Our forecasts assume US tariffs on Irish exports remain at 10 per cent, with pharmaceuticals exempt. Any escalation would necessitate a downward revision,' said Conall Mac Coille, chief economist at Bank of Ireland. 'We are also concerned by growing evidence that bottlenecks and capacity pressures are not being addressed.' READ MORE Bank of Ireland now sees Irish gross domestic product (GDP) rising by 8.1 per cent, up from 3.5 per cent, previously, driven as companies rushed earlier this year to export to the world's largest economy in advance of feared tariffs. GDP jumped 9.7 per cent on the quarter in the first three months of the year, data published last week from the Central Statistics Office (CSO) showed, amid a jump in pharma exports to the US in advance of threatened tariffs, likely further distorting the average growth rate across the euro zone. Modified domestic demand (MDD), which seeks to strip out the effect of multinationals operating in the Republic, increased 0.8 per cent compared with the previous quarter, the data showed. Bank of Ireland had nudged its full-year Irish MDD forecast up slightly, to 2.9 per cent from 2.8 per cent. It sees employment growing 2.6 per cent, compared with 1.8 per cent previously. 'The big picture is that the economy has so far weathered the uncertainty posed by President Trump's tariffs and EU-US trade negotiations,' said Mr Mac Coille. The EU is considering how to respond to a letter Mr Trump sent to European Commission President Ursula von der Leyen on Friday, stating he plans to raise tariffs on goods coming from the EU to 30 per cent on August 1st. It represented a serious setback to hopes of Brussels and Washington agreeing a quick tariff deal. EU trade commissioner Maros Sefcovic , who has been leading negotiations for the bloc and headed to Washington on Wednesday for talks, said blanket tariffs at that level would practically 'prohibit' the future flow of trade from Europe to the US. 'Trump's tariffs have only losers,' German finance minister Lars Klingbeil said during a joint press conference with his French counterpart Eric Lombard. He saidthe tariffs threaten the US economy at least as much as the European one. 'Our hand remains extended but we will not go along with everything, possible countermeasures must continue to be prepared.'
Irish Times
13 minutes ago
- Irish Times
The Irish Times view on the latest opinion poll: Coalition not inspiring the electorate
A jump in support for Independents is one of the most notable features of the latest Irish Times Ipsos B&A poll. The poll shows a minimal change in support for the Coalition parties since the last poll in April but Sinn Féin is down four points while Labour and the Social Democrats have slipped by a point and the Greens have remained static. It appears that voters who are disillusioned with the Government are moving towards Independents rather than Sinn Féin or the other more established left wing parties, while the number of undecided voters now stands at a significant 25 per cent. The huge number of undecided voters and the rise in support for Independents indicates that a substantial segment of the electorate does not have great faith in either Government or Opposition. There is some consolation for the Government in the fact that the Opposition parties are actually losing support, but the poll also indicates that the Coalition has inspired no great enthusiasm among the electorate since taking office just over six months ago. In the longer term that could spell trouble, particularly if the Government has to adopt serious budgetary measures in response to a trans-Atlantic trade war. READ MORE When it comes to satisfaction with the party leaders, Micheál Martin has widened his lead over Simon Harris and Mary Lou McDonald while satisfaction with the Government has remained the same since April. In party terms Fianna Fáil has seen no change in support since April, retaining 22 per cent of the vote. Sinn Féin has exactly the same vote share but this represents a drop of four points since the last poll while Fine Gael has gained one point from a very low base to 17 per cent. The Fine Gael vote in Dublin is holding up reasonably well and it is the biggest party in the capital, marginally ahead of Sinn Féin and well ahead of its Coalition partner. However, the party appears to have a serious problem in Munster where it continues to struggle. For Fianna Fáil the story is the reverse. The party's vote is holding up well everywhere, apart from Dublin where it continues to languish in third place. Sinn Féin will be disappointed not to have built on the significant increase it achieved in the last poll. Instead its support has slipped back close to what it achieved in last year's election. It indicates the challenge facing the party if it runs a candidate in the forthcoming presidential election. It all indicates a fractured political landscape and uncertainty among many voters about which party should get their support. A vital period now lies ahead, with the tariff situation on a knife-edge and the budget coming into view. The decisions made in the coming months could yet be defining for this Dáil term.
