European stocks end flat amid softening economic indicators
Europe's benchmark stock index ended little changed on Tuesday, as investors ceded ground under the dual pressure of softening economic indicators and persistent global trade anxieties.
DUBLIN
The Iseq All Share Index gained 0.17 per cent to close at 11,449.31.
The Dalata Hotel Group rallied, closing 5.56 per cent firmer on €6.08, after it emerged on Tuesday it had rejected a €1.3 billion bid from Sweden's Pandox.
Dalata said that the €6.05 a share cash offer 'materially undervalues the group and its prospects'. Things were less positive for Hostelworld whose stock slid 3.13 per cent to close at €1.55.
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Ryanair retreated 1.05 per cent to €23.50 just days after it emerged chief executive Michael O'Leary was in line for a record corporate payout on the strength of its share performance – they closed last week at more than €21 for a 28th consecutive day, putting Mr O'Leary in line for options worth more than €100 million.
Banking stocks fared well. AIB climbed 1.95 per cent to €7.075, Bank of Ireland was up 0.7 per cent to €12.29 and PTSB was 1.41 per cent stronger at €1.80.
LONDON
Britain's blue-chip FTSE 100 index ended slightly higher as defence stocks climbed after the government pledged heavy defence spending. Heavyweight energy stocks tracked crude oil prices higher.
The FTSE 100 closed up 0.2 per cent, while the midcap index was 0.1 per cent weaker.
The aerospace and defence subindex advanced 2.5 per cent to an all-time high after prime minister Keir Starmer pledged the largest sustained increase in British defence spending since the end of the Cold War.
Chemring Group jumped 6.7 per cent after the defence contractor posted the highest-ever order book for the six months ended April 30th. The stock hit a near four-year high.
In energy, oil major Shell gained 1.7 per cent, while BP added 0.6 per cent as crude oil prices climbed close to 2 per cent.
On the downside, miners of both industrial and precious metals fell more than 1 per cent each as prices of copper and gold came under pressure.
Education company Pearson dropped 6.6 per cent after Australian peer IDP Education forecast a drop in annual profit.
Drugmaker GSK was another faller, shedding 2.1 per cent after brokerage Berenberg downgraded its rating to 'hold' from 'buy'.
British water utility Pennon Group fell 6.6 per cent after it swung to an annual pretax loss.
EUROPE
The pan-European STOXX 600 closed flat at 548.42 points. Stocks in Germany rose 0.7 per cent, while those in France gained 0.3 per cent. Spain's Ibex dropped 0.5 per cent.
Cooling inflation across the bloc – now comfortably below the European Central Bank's target – added to expectations for an aggressive pivot towards monetary easing.
Meanwhile, the Netherlands' 10-year bond hit a session-high 2.745 per cent amid a concerted sell-off as a political rupture sent shock waves through the Netherlands following the collapse of its government.
Media stocks fell 1.1 per cent, extending their decline from the previous session. Basic resources lost 0.8 per cent, in tandem with copper prices. Healthcare stocks were the biggest drag on the index.
UBS gained 5.3 per cent after Jefferies upgraded the bank's stock to 'buy' from 'hold'.
NEW YORK
US stock indices rose, helped by gains in Nvidia and other chipmakers, as investors awaited possible negotiations between the United States and its trading partners for more clarity on Washington's tariff plans.
President Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday, days after Mr Trump accused China of violating an agreement to roll back tariffs and trade restrictions.
The S&P 500 remains about 3 per cent away from its record peak touched in February.
By midday the Dow Jones Industrial Average rose 143.83 points, or 0.34 per cent; the S&P 500 gained 29.76 points, or 0.51 per cent; and the Nasdaq Composite gained 155.31 points, or 0.82 per cent.
Five of the 11 major S&P 500 subsectors fell with property stocks leading losses, down 0.8 per cent.
On the flip side, information technology stocks rose 1.2 per cent, boosted by a 3.1 per cent rise in Nvidia. Chipmaker Broadcom added 2.4 per cent to hit a fresh record high after the company said it has begun to ship its latest networking chip that aims to speed AI.
Shares of Kenvue lost nearly 7 per cent, leading declines on the benchmark S&P index.
Dollar General jumped 13.3 per cent as the discount retailer raised its annual sales forecast after surpassing quarterly sales expectations.
Constellation Energy rose 0.7 per cent after Meta Platforms said it had struck a power agreement with the utility's nuclear plant. – Additional reporting: Reuters
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