European shares continue rise with improving tariff sentiment
European shares extended gains to a sixth session on Tuesday, with financials giving support following earnings from HSBC and Deutsche Bank, though focus was on how companies are assessing the implications of US tariffs.
Dublin
The Iseq All Share Index closed up 1.62 per cent to 10,377.75.
Big banking shares gained with AIB up 1.97 per cent (€5.96) and Bank of Ireland by 1.47 per cent (€10.69). Permanent TSB, however, went the other way, its shares down 3.23 per cent to €1.50.
That came on the day a review from the National Competitiveness and Productivity Council found a lack of robust competition in retail banking, and interest rates for loans to non-financial corporations consistently higher than in the overall euro area.
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Housing stocks, too, were mixed. Cairn Homes closed up 1.71 per cent to €1.904 while Glenveagh was down 0.37 per cent to finish at €1.63. Ires Reit was up 0.79 per cent to €1.016.
The Dalata Hotel group fell 1.74 per cent to €5.08. FBD shed 2.21 per cent to finish at €13.30.
Ryanair closed up 2.95 per cent, its share price now at €20.61.
London
British stocks ended higher, led by gains in bank shares, with markets responding positively to White House news about automotive tariffs.
The blue-chip FTSE 100 index was up 0.6 per cent, marking its 12th consecutive winning session. The domestically focused mid-cap index advanced 0.4 per cent, posting its fifth straight session in green.
Primark-owner Associated British Foods tumbled 9.2 per cent after reporting a 10 per cent fall in first-half profit.
Banks led the sectoral gains, up 1.9 per cent. Heavyweight HSBC rose 2.6 per cent, topping the FTSE 100 index, after Europe's largest lender reported first-quarter profit above estimates and announced a $3 billion share buyback program.
Among other stock-related moves, Howden Joinery gained 4.6% after posting higher revenue.
Entain rose 3.3 per cent, after the Ladbrokes owner named Stella David as its permanent chief executive. Travis Perkins was the top performer among midcaps, rising 4.2 per cent.
On the flip side, BP fell 2.4 per cent, after the oil major reported a deeper-than-expected 48 per cent drop in net profit.
Europe
The pan-European STOXX 600 index ended 0.4 per cent higher, with the aerospace and defence index leading gains.
Rheinmetall jumped 8.5 per cent after Europe's top ammunition maker posted a 46 per cent rise in preliminary first-quarter sales, primarily boosted by its defence business.
The heavyweight healthcare sector rose 1.2 per cent. Novo Nordisk rose 2.4 per cent after the drugmaker said it was working with telehealth firms Hims & Hers, Ro and LifeMD to sell Wegovy.
Shares of HSBC rose 3 per cent after the London-based lender launched a $3 billion share buyback. Deutsche Bank advanced 5 per cent after Germany's largest lender posted a 39 per cent rise in first-quarter profit.
Porsche slipped 4.1 per cent after the German luxury sports car maker slashed a series of forecasts for 2025.
Global markets have stabilised of late on growing optimism over easing US-China trade tensions after enduring selling pressures earlier this month as Mr Trump's tariff salvo rattled sentiment.
New York
Wall Street's main indexes moved higher in volatile trading. A day after US officials said the Trump administration will move to reduce the impact of automotive tariffs, shares of Ford were only marginally higher and Tesla fell 0.6 per cent.
The blue-chip Dow got a boost as Honeywell jumped 5.4 per cent on reporting a rise in adjusted profit for the first quarter. Paintmaker Sherwin-Williams gained 5 per cent after its quarterly profit beat estimates.
However, General Motors fell 1.6 per cent after the automaker pulled its annual forecast due to tariff uncertainty.
Coca-Cola rose 0.6 per cent after beating revenue and profit estimates, while United Parcel Service edged 0.2 per cent lower after its quarterly results.
Wells Fargo gained 1.3 per cent after announcing a stock buyback program of up to $40 billion.
By midday, the Dow Jones Industrial Average rose 243.76 points, or 0.61 per cent, to 40,471.35, the S&P 500 gained 13.75 points, or 0.25 per cent, to 5,542.50 and the Nasdaq Composite gained 26.30 points, or 0.15 per cent, to 17,392.44. Additional reporting: Reuters
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