Global stocks rally fizzles out as US bond yields rise
DUBLIN
The Iseq index rose by 1.1 per cent, slightly outperforming its European peers.
Cairn Homes jumped 2 per cent after lodging new plans for 236 apartments and 16 houses from Dún Laoghaire-Rathdown County Council for its site at Chesterfield, Cross Avenue, Blackrock, Co Dublin.
The Irish banks also moved higher as part of a wider sectoral move across Europe. AIB climbed 3.4 per cent to close at €7.41 per share, while Bank of Ireland jumped 2.1 per cent to €13.22.
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Ryanair also advanced, adding 0.6 per cent to €26.30 per share while other large-caps like Kingspan and Kerry Group were little changed.
Adding to Wednesday's 16 per cent surge, Glanbia added another 1.4 per cent to close at €14.32 per share after the nutritionals group raised its earnings forecast earlier in the previous session.
EUROPE
European shares touched two-week highs as the blue-chip Stoxx 50 added 0.7 per cent and the pan-European Stoxx 600 advanced by 0.5 per cent.
Insurers were in the spotlight with the likes of Swiss Re reporting earnings. The firm was down 3.9 per cent on the session, despite reporting better than expected net profits for the first half.
Meanwhile, Carlsberg fell 5.5 per cent after the Danish brewer missed half-year profit and volume forecasts, and said it did not expect any improvement in the consumer environment this year.
Thyssenkrupp tumbled 8.9 per cent after the German conglomerate cut its full-year outlook for investments and sales, citing disruption from US tariffs.
LONDON
After three consecutive sessions of gains, British stocks were little changed, with the benchmark FTSE 100 essentially flat on the session and the mid-cap FTSE 250 index down by 0.2 per cent.
Insurers led sectoral gains with Aviva jumping 2.4 per cent after jumping to its highest level since 2007 earlier in the session. The group raised its interim dividend on Thursday after reporting a stronger half-year operating profit.
British insurer Admiral hit a record high, rising 5.8 per cent after a strong first-half profit.
The energy sector was the main drag on the FTSE 100, down 1.3 per cent
Harbour Energy led the losses, falling 4.5 per cent, while oil majors Shell and BP fell by 1.5 per cent and 0.9 per cent.
Industrial metal miners also retreated amid weakness in copper and iron ore prices with Rio Tinto down by 4 per cent and Anglo American down by 1.7 per cent.
Among individual stocks, British Gas owner Centrica rose 2.5 per cent after announcing it will jointly buy National Grid's Grain LNG terminal with US-based Energy Capital Partners for about £1.5 billion (€1.7 billion).
NEW YORK
Wall Street's main indices were little changed in early trading on Thursday despite a stronger-than-anticipated inflation reading that spurred a rise in bond yields and the dollar.
US wholesale inflation accelerated in July by the most in three years, suggesting companies are passing along higher import costs related to tariffs, raising the spectre of renewed price pressures and causing traders to trim bets on the Federal Reserve cutting interest rates next month.
After a recent rocket-fuelled rally, the S&P 500 was flat despite gains in big tech stocks.
Cisco Systems lost 1 per cent after the network equipment manufacturer's broadly in-line forecast did little to encourage investors.
Deere & Co fell 8 per cent after the farm-equipment maker reported a lower quarterly profit and tightened its annual profit forecast, while Tapestry plunged 17.6 per cent after the Coach handbag maker forecast annual profit below estimates. – Additional reporting: Reuters, Bloomberg
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Irish Times
30 minutes ago
- Irish Times
Pensioners do not need to panic over Revenue letter about owed tax
' Revenue is chasing tens of thousands of pensioners over owed tax,' the headline read in words that could cause some upset. But, for those who got letters from Revenue in recent weeks, the truth is nowhere near as alarming. Yes, the Revenue Commissioners did send letters out to 68,000 people over the age of 65 about their 2022 tax affairs, but that was part of a larger exercise in which a total of nearly 270,000 'reminders' were sent to people as Revenue looks to close off files for the 2022 tax year, not a targeting of pensioners. And, as Revenue has been keen to point out, the letters were reminders, not tax demands. The tax officials are clearly treading careful after a furore over what it later admitted were insensitive letters were sent to around 115,000 pensioners back in 2012. It is not quite clear why there has been no such campaign in the intervening decade, but we are where we are. READ MORE However, if you have received one of these letters, it is quite likely that you could have some income tax owing for that year. And, indeed, for the years between then and now as well. So, how has it happened and what do you need to do? Sticking with pensioners, the reason people might find themselves with a tax bill is down to their sources of income. The Department of Social Protection pays the State pension with no tax deductions as that income is comfortably below the threshold at which you would be liable for income tax. The income tax threshold for a single or widowed person over the age of 65 is currently €18,000 – and double that, €36,000, for a couple. The maximum income under the State pension – including the Christmas bonus week - is €15,333. But if you also have a private pension from your former workplace, it is almost certain that you will be liable for tax. Most people know this, to be fair, and pay the tax on the occupational pension – either at source through PAYE or by filing a return. The issue is that they sometimes forget that once their income is over the exemption limit, all of that income is liable for tax – the untaxed State pension as well as the occupational pension. Other income is also taxed. Most people are aware that any rental income they receive for a property they let out is taxable – once it is over the rent-a-room limit of €14,000 – but many might not return any income from share dividends, for instance, for tax. Let's stick with the state pension for now. Back in 2022, this was paid at a maximum rate of €253.30 a week, or €13,424.90 for the year. If your overall income means it is liable for the standard 20 per cent rate of income tax, you will owe the Revenue €2,685. The good news is that there will be no reckoning for universal social charge (USC) or PRSI . Neither is levied on social welfare payments regardless of overall income. In any case, people are no longer liable for PRSI on any income once they turn 66. However, if your 'other income' is not a social welfare payment, USC might still be an issue. In 2022, it was levied at 0.5 per cent up to €12,012, at 2 per cent from there up to €21,295 and 4.5 per cent on anything over that – at least up to €70,044. So what do you have to do now? I would suggest that regardless of whether you do have tax due on your state pension or other income, you should file a return for 2022 now, if you have not already done so. Given that Revenue believes tax may be due, it seems sensible to assume that the people in receipt of letters are already paying tax – either by filing a Form 12 tax return through Revenue's MyAccount online service or, through its ROS service for those filing Form 11 returns in relation to income from self-employment. I'll assume those most discomfited by these letters are less sophisticated taxpayers so we will work through the MyAccount process. First up, log in to your Revenue account using your PPS number, your date of birth and the password you created when the account was set up. Revenue will then send a single-use verification code to your phone. Input this and then go to PAYE Services, generally the first (blue) box on the page that opens when you log in. Next, click on: 'Review your tax for the previous 4 years', then select 2022 from the drop down menu and click on 'Request' to get your preliminary end of year statement. This should give you an assessment of what Revenue thinks you have received in income and have paid to date in tax, together with any tax it considers remains outstanding. As the Department of Social Protection talks to Revenue, it should income your state pension income. The next step is to complete an income tax return, especially if there are outstanding tax credits that you have not claimed – for things like medical expenses, mortgage interest, rent etc. These may go some way to mitigate any outstanding tax bill. The online system takes you through the form step by step and there are guidance notes to help you on your way. Once you are happy it is completed, you submit it. If you have previously submitted a return that needs to be amended in light of the Revenue letters, you can do so by selecting the year in question – 2022 in this case – and then clicking 'Amend' next to your annual return. The main thing is not to get too worried about any outstanding liability, but also do not hide your head in the sand. Revenue has said in its letters that even where there has been an underpayment, no money will be due immediately – although if you have it, you might wish to get it done and dusted immediately. For those whose financial wriggle room in retirement is tight, Revenue says it will adjust any credits you are due going forward to retrieve any money owed. Of course that will reduce your income so it is not a painless exercise. And, once you have 2022 out of the way, you can expect to have to go through a similar exercise for the subsequent years. The bottom line is that no one should panic at receiving one of these letters, but you do need to engage with them. If money is owing, you are always better going to Revenue than to have them coming to you. You can contact us at OnTheMoney@ with personal finance questions you would like to see us address. If you missed last week's newsletter, you can read it here .
Irish Times
30 minutes ago
- Irish Times
Bagel Shop by Artybaker review: This authentically French Kimmage bakery offers the best bagels in Dublin
What's on offer? Bagel Shop by Artybaker is owned by Romain Tessier, a French baker originally trained in the Loire Valley, and his wife Suzanne Hodgkinson. It opened in Sandycove in 2021 and now has six locations across Dublin , including Kimmage , Sandymount , Dalkey , Bath Avenue, Grand Canal Dart , and Blackrock Market. Tessier applies traditional French baking techniques to a small-batch, high-quality model. Croissants are made over three days, with long fermentations and careful lamination. The bagels follow a similar principle – boiled, well-glazed and baked for texture – and are offered plain, sesame, jalapeño or everything. Pastries are a major strength, including a Swiss roll with vanilla custard and chocolate, and a honey and sea salt croissant. All products are made from scratch with an emphasis on timing, fermentation and consistency. Artybaker now employs 30 people and produces everything in-house using time-honoured methods. The bagels, in particular, are widely regarded as among the best in the city. What did we order? Turkey club bagel sandwich (sesame), pastrami bagel sandwich (jalapeño & cheddar), veggie bagel sandwich (everything) and lox bagel sandwich (plain). READ MORE How was the service? Very pleasant. You wait your turn and order at the counter. Was the food nice? The pastrami bagel with jalapeño and cheddar was the standout. The bagel had a good glaze and proper chew. The cheese had melted, although Swiss cheese would be preferable to cheddar. The filling was generous: pastrami, cheddar, pickled cucumber, iceberg lettuce and a tangy mustard-based sauce with noticeable acidity. Flavours were sharp and well balanced. The turkey club on a sesame bagel was my least favourite. It came loaded with good quality turkey, grilled bacon, tomato, Swiss cheese, and mayonnaise. I found it a little bit bland, but my wingman ranked it top. The lox on a plain bagel was a classic salmon and cream cheese bagel with red onion, cucumber and capers. The salmon was farmed, which is to be expected. It was good quality and firm. The veggie on everything bagel was slathered in cream cheese and stuffed with avocado, tomato, cucumber, coleslaw, iceberg lettuce, capers and dill. The avocado was properly ripe and the overall mix was fresh and balanced. A strong vegetarian option. What about the packaging? Bagels are packed in pretty pink and white striped bags, wrapped in recyclable paper. What did it cost? €43.50 for lunch for four people: turkey bagel sandwich, €10.50; pastrami bagel sandwich, €10.50; veggie bagel sandwich, €10.50; and lox bagel sandwich, €12. Where does it deliver? The Kimmage store opens 7.30am – 3pm. There is no delivery, it is takeaway only. Would I order it again? Yes, these are the best bagels you'll get. They're on the expensive side, but they make for a very good lunch.
The Irish Sun
an hour ago
- The Irish Sun
Who are potential candidates for Ireland's next president after McGuinness' shock withdrawal & new businessman hopeful
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Advertisement 6 Michael Flatley has yet to rule himself out of running for the presidency Credit: Getty Images - Getty 6 With McGuinness now out of the race, Tony Holohan may make a bid for the presidency Credit: PA Media
