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Irish Times
8 hours ago
- Business
- Irish Times
European investors cautious as China-US trade talks consume attention
European shares eased in cautious trade on Monday as investors avoided making big bets pending the outcome of Sino-U. S. trade talks in London. The pan-European STOXX 600 ended slightly lower at 553.24 points, after four straight sessions of gains, its longest consecutive winning streak in three weeks. Dublin Falling slightly from a peak in afternoon trading, the Iseq All-Share index ended the session at a record close of 11,651.80, rising 29.59 points, or 0.25 per cent. READ MORE Shares in Glanbia plc rose 1.50 per cent to €12.83, following the commencement of the company's share buyback scheme on Friday. The Irish food group purchased more than 70,000 of its own shares at an average price of €12.6283. It was a good day of trading for the banking sector. Permanent TSB rose 1.68 per cent to €12.83, and Bank of Ireland rose 0.93 per cent to €12.48. Bank of Ireland remained largely static, dropping 0.14 per cent to €7.07. Insulation specialist Kingspan, remained largely static in trading on Monday after making gains last week following the announcement that it would increase its planned investment in the US roofing business to $1 billion over the next five years. Shares rose 0.26 per cent to 75.75. In housing and construction, Glenveagh rose 1.14 per cent to €1.77, Irish Residential Properties REIT increased 0.93 per cent to €1.09, and Cairn Homes rode the rising sectoral tide to €2.19, up 0.92 per cent. It was a mixed day for leisure and travel stocks, hotel group Dalata rose 0.32 per cent to €6.25, while Ryanair fell slightly, down 0.08 per cent, to €24.26. London The blue chip FTSE 100 index fell 5.63 points, 0.1 per cent, to 8,832.28. The more domestically focused FTSE 250 ended up 128.63 points, 0.6 per cent, at 21,285.91. On the FTSE 100, M & G rose 3.2 per cent as UBS upgraded to 'buy', but WPP fell 2.8 per cent after it said Mark Read will step down as chief executive officer at the end of 2025 after seven years leading the company. In London, shares in Cordel plunged 12 per cent after it warned full-year revenue will be lower than forecast. The London-based company, which uses artificial intelligence to supply transport corridor analytics, expects to report revenue in the range of £4.7 million (€5.6 million) and £5 million for the financial year to June 30th. It would represent growth of up to 12 per cent from £4.4 million the year before. But chief executive John Davis said it will be 'lower than forecast', despite the firm making 'excellent strategic progress' in the financial year. Broker Cavendish lowered its financial 2025 revenue forecast to £4.8 million from £6.2 million. Elsewhere, Dunelm fell 3.9 per cent after RBC Capital Markets downgraded to 'sector perform' from 'outperform', while, Trustpilot slid 5.8 per cent as Panmure Liberum slapped a 'sell' rating on the company. Europe The pan-European Stoxx 600 index remained largely unchanged, down 0.072 per cent, in a quiet day when several markets were closed due to holidays. Trading was thin as markets in Switzerland, Denmark and Norway were among those closed due to the Whit Monday holiday. The utilities sector was among the biggest losers. Often tracked as a bond proxy – a slide in Eurozone bonds pressured the index. China said on Friday that it was willing to accelerate the examination and approval of rare earth exports to European Union firms. Automakers – a sector vulnerable to any rare earth supply disruptions – was flat. Among individual stocks, Spectris soared 60.1 per cent after the scientific instruments maker said it would accept a 3.73 billion pounds (€4.43 billion) bid from Advent. New York Wall Street's main indexes were mixed in mid-amidafternooning on Monday as investors watched a fresh round of US-China negotiations aimed at mending a trade rift that has rattled financial markets for much of the year. Top officials from both countries have kicked off discussions at London's Lancaster House, looking to get back on track with a preliminary trade agreement struck last month that had briefly cooled tensions between the world's largest economies. Nvidia gained as most megacap and growth stocks were up. Tesla was down marginally after brokerage Baird downgraded the stock to 'neutral'. Warner Bros Discovery shares jumped after the company said it would separate its studios and streaming business from its fading cable television networks. Robinhood Markets fell after S&P Dow Jones Indices left S&P 500 constituents unchanged in its latest rebalancing, following recent speculation that the online brokerage would be added to the benchmark index. – Additional reporting, Reuters, PA.
Malay Mail
02-06-2025
- Business
- Malay Mail
Hong Kong shares dip to three-week low as tariff concerns flare again
HONG KONG, June 2 — Hong Kong stocks weakened to a three-week low in early trade on Monday as renewed Sino-US tariff tensions weighed on sentiment. The city's benchmark Hang Seng Index slipped 2.4 per cent to 22,734.05, the lowest level since May 8, while Hang Seng China Enterprises Index tracking mainland companies tumbled 2.7 per cent. Concerns over Sino-US trade tensions flared up again on Monday following a fresh spat over tariffs. China's Commerce Ministry rebuked US President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva talks, calling them 'groundless,' and vowed to take 'forceful measures' to safeguard its legitimate rights and interests. The declines were across the board, with the Hang Seng Tech Index, property subindex and healthcare sector all sliding more than 3 per cent. Among the biggest laggards, local property firm New World Development plunged more than 10 per cent to a fresh two-month low after it deferred coupon payments. — Reuters
South China Morning Post
19-05-2025
- Business
- South China Morning Post
US importers urging Hong Kong manufacturers ‘to bypass levies' amid trade war
The 90-day pause on Sino-US tariffs has caused 'daily challenges' for Hong Kong manufacturers, industry veterans have said, revealing they have been receiving unlawful demands from American importers seeking to circumvent levies. Advertisement Several told the Post that Beijing and Washington's suspension of tariffs for 90 days from May 14 had given Hong Kong exporters some respite, but they were urgently pressing ahead with plans to diversify their production bases to mitigate geopolitical risks. The manufacturers said they were not letting their guard down despite expectations that Chinese President Xi Jinping and his United States counterpart, Donald Trump, would meet to discuss solutions. 'I expect tariffs will come down slightly to 15 to 20 per cent, but it is still very difficult to do business with the US,' said Karen Ng Pui-lam, director of luxurious underwear maker L&A Lingerie. 'No matter what, I am proactively looking for a production alternative in Vietnam and Thailand.' Earlier in the month, the pause in the trade war saw the US agree to lower tariffs on Chinese exports from 145 per cent to 30 per cent, while China rolled back duties on American goods from 125 per cent to 10 per cent. Advertisement Ng said the tariffs for made-in-China garments and apparel stood at 37.5 per cent during the 90-day pause.
