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Irish Times
5 days ago
- Business
- Irish Times
Markets give up early gains as US economic data disappoint investors
Global markets gave up early gains on Tuesday following the publication of unexpectedly poor US economic data. Dublin Euronext Dublin traded more or less in line with European peers as it finished up 0.25 per cent. Kerry Group was up 0.5 per cent at close of business after seeing what one trader described as a 'decent bit of action'. Ryanair continued its gradual move higher as it climbed 0.7 per cent to close above €26. It was, however, an underperformer among peers as Aer Lingus parent International Airlines Group rose 1 per cent. READ MORE Cavan-based insulation specialist Kingspan, which is publishing results on Friday, rose 0.25 per cent. Among the homebuilders, Cairn Homes and Glenveagh Properties were up 1 per cent and 0.5 per cent, respectively. Did the EU have its hands tied before striking a trade deal with the US? Listen | 23:32 Among the financial names, AIB finished down 0.23 per cent, while Bank of Ireland was flat. London The FTSE 100 climbed 0.2 per cent as it was boosted by another day of well-received earnings, with Smith & Nephew, Diageo and BP all in favour. The FTSE 250 also ended 0.2 per cent, while the AIM All-Share ended up 0.6 per cent. Oil major BP rose 2.8 per cent after better-than-expected second-quarter results. The strong earnings, coming on the back of a big hydrocarbon discovery in Brazil, will improve the investment mood music and be helpful for management credibility, analysts said. Diageo climbed 4.9 per cent after full-year results provided some reassurance, although they failed to sway some commentators. Smith and Nephew was the best blue chip performer, up 15 per cent, as it said revenue growth accelerated in the second quarter of 2025. Northampton-based building materials provider Travis Perkins climbed 5.6 per cent as it reported improving revenue trends at its merchanting business, while well-received results, including strong orders, supported industrial flow control equipment manufacturer Rotork up 6.6 per cent. Close Brothers rose a further 6.8 per cent after the favourable motor finance ruling, but Domino's Pizza was off the menu, down 18 per cent, after it lowered its annual outlook, with 'weak' consumer confidence keeping a lid on sales growth. Europe The pan-European Stoxx 600 index rose 0.35 per cent, while the Cac 40 in Paris fell 0.1 per cent and the Dax 40 in Frankfurt rose 0.4 per cent. Euro zone bond yields inched lower with the gap between Italian yields and those of Germany and France at about its narrowest in years, as traders digested business activity data from Europe and the US. Germany's 10-year yield, the benchmark for the euro zone, was last at 2.62 per cent, down about one basis point, having hit a two-week low just below that level in early trade. New York Wall Street's main indexes gave up opening gains after data showed US services activity stalled, while investors continued to assess the latest batch of corporate earnings. At 10.07am eastern time, the Dow Jones Industrial Average fell 0.14 per cent, the S&P 500 lost 0.03 per cent, while the Nasdaq Composite gained 0.18 per cent. US services sector growth unexpectedly stalled in July, as new orders barely budged and hiring slipped further – even as input costs soared at their fastest pace in nearly three years – highlighting how uncertainty around the Trump administration's tariff policy continues to weigh on businesses. Pfizer gained 3.6 per cent after raising its annual profit forecast, while Palantir Technologies rose 8.6 per cent as it boosted its annual revenue forecast. Caterpillar slipped 0.3 per cent after reporting a lower second-quarter profit, hurt by sluggish demand for construction equipment and higher costs tied to US tariffs. KFC parent Yum Brands fell 2.8 per cent after missing estimates for second-quarter comparable sales and profit. – Additional reporting: Agencies
Wall Street Journal
05-06-2025
- Business
- Wall Street Journal
Asian Currencies Consolidate; Fed Rate-Cut Prospects May Support
0024 GMT — Asian currencies consolidate against the dollar in the early session. However, Fed rate-cut prospects spurred by the disappointing U.S. economic data released overnight may support. Activity among U.S. services firms sank unexpectedly in May, according to the Institute for Supply Management's PMI. ADP National Employment Report showed only 37,000 jobs were created in May, the slowest pace of private-sector hiring in more than two years. U.S. money market pricing for a September Fed rate cut is now 97% priced, NAB's Head of FX Research Ray Attrill says, citing the weak data. USD/JPY is steady at 142.77; AUD/USD is little changed at 0.6494. (
