European shares dip ahead of US tariffs
US President Donald Trump said Washington will start sending letters with tariff rates to countries on Friday, subduing markets globally.
With Trump's 90-day pause on higher US tariffs ending next week, investors have taken a cautious stance as several large trading partners, including the European Union (EU), are yet to secure trade deals.
Dublin
The Irish index of shares closed the week marginally lower, falling 0.33 per cent to end the week at 11,320.
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The main banking stocks edged lower, mirroring the decline in the wider market and trends elsewhere in Europe. AIB was just under half a per cent lower by the end of the day, clawing its way back to €6.82 after hitting a low of €6.82 early in the session.
Bank of Ireland was down 0.37 per cent, after an early high of €12.22 dipped to a €12.04 low, settling down at €12.12. Permanent TSB ended the day up almost 1 per cent, but volumes were thin in comparison.
Food groups Kerry and Glanbia were both off, with the latter down 0.39 per cent and the former shedding 0.16 per cent.
Shares in insulation specialist Kingspan were marginally higher, gaining back some of the ground it lost on Thursday, ending the day at €70.90.
Hotel group Dalata Hotel shed 0.15 per cent over the day, and airline Ryanair fell 0.55 per cent.
The airline has been hampered by strike action among French air traffic controllers over the past two days, leading to the cancellation of more than 400 flights.
London
London's main stock indexes closed mixed on Friday, with investors assessing domestic fiscal worries and the rate cut path.
The blue-chip FTSE 100 was unchanged on the day but notched up a second weekly gain, while the domestically-focused FTSE 250 lost 0.7 per cent on Friday and ended the week lower.
Home builder stocks led sectoral losses on Friday, dropping 2.1 per cent after MJ Gleeson warned of profit being at the lower end of market expectations for fiscal 2026 due to subdued demand.
The group slumped 6.7 per cent and was the top decliner on the smallcap index.
Larger peers Vistry, Persimmon and Taylor Wimpey fell 2.8 per cent, 1.3 per cent and 1.6 per cent, respectively.
Industrial metal stocks fell, tracking lower metal prices. Anglo American, Antofagasta and Glencore slipped more than 1 per cent each. Atalya lost 3 per cent.
Among individual stocks, greeting card and gifting retailer Moonpig fell 8.7 per cent to the bottom of the midcap index after a rating downgrade by Deutsche Bank.
Europe
The pan-European STOXX 600 index closed 0.5 per cent lower, clocking a marginal weekly fall.
Other regional indexes also declined, with Germany's DAX down 0.6 per cent and France's CAC 40 losing 0.8 per cent. Spain's benchmark lagged with a 1.5 per cent fall.
Euro zone banks slid 1,3 per cent, with Spain's BBVA topping declines at a 2.6 per cent fall.
Helping limit losses, healthcare advanced 1.1 per cent. Drugmakers Novartis, Roche and Novo Nordisk – some of the biggest weights on the STOXX 600 – all clocked gains.
Shares of French spirits makers Pernod Ricard, Remy Cointreau and LVMH – the owner of Hennessy – all finished well off their session lows after China spared major cognac producers from new duties on EU brandy, provided they sell at a minimum price.
Despite a roaring start to the year, European shares fell behind the US S&P 500 on year-to-date basis on Friday, driven dominantly by tech shares.
The STOXX 600 was last up 6.6 per cent for 2025, compared with the 6.7 per cent advance for the S&P 500.
Among individual stocks, Germany's Rheinmetall advanced 3.3 per cent after JP Morgan and Deutsche Bank raised their price targets on the defence contractor.
New York
The US markets were closed due to the July 4th holiday.
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