Markets gain amid hope central banks will slow rate hikes due to weak economic data

European shares gained on Monday as a slew of bleak economic data helped ease some jitters around the pace of monetary policy tightening by central banks to stamp out runaway inflation.

US stock indexes also rose at the start of the final quarter of a tumultuous year in which investors fretted about aggressive interest rate hikes and fears of slowing economic growth.

DUBLIN

The Iseq Index was ahead by almost 0.5 per cent, helped by its big two banks. Bank of Ireland regained some of the ground it lost last week after it was fined more than €100 million by regulators. It closed up 3.1 per cent to €6.79. AIB, meanwhile, was ahead by 1.4 per cent to €2.52.

Housebuilders performed well after research showed a growing so-called normalisation of the market although demand for new homes remains robust. Glenveagh Properties was up by 1.8 per cent to more than 90 cent per share while Cairn Homes rose 2 per cent to 84 cent per share.

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Insulation giant Kingspan was ahead by 4.9 per cent to €48.59, a reaction to the apparent steadying of the economic situation in Britain.

LONDON

UK main stock indexes ended higher for a second straight session, boosted by commodity-linked shares and Telecom Plus, with investors digesting the British government’s reversal of tax cuts in its new fiscal policy.

The blue-chip FTSE 100 and the FTSE 250 mid-cap indexes rose 0.2 per cent and 0.7 per cent, respectively, marking a positive start to the fourth quarter.

BP and Shell gained 2.2 per cent and 2.4 per cent, respectively, tracking a jump in crude prices as OPEC+ considered cutting output by more than one million barrels a day.

Miners, retailers and home builders added between 1.5 per cent and 3 per cent after declining sharply in recent weeks.

Essentra advanced 15.3 per cent after it announced the sale of its filters business and appointed Scott Fawcett, managing director of its components division, its new chief executive.

Telecom Plus surged 24 per cent after the multi-utility supplier gave an upbeat profit outlook.

EUROPE

The region-wide Stoxx 600 index reversed earlier session losses to close up 0.7 per cent, as data showed manufacturing activity across the euro zone declined further in September, hurt by a growing cost-of-living crisis and soaring energy bills.

Most of the Stoxx 600 sub-sectors were in positive territory, led by energy stocks that were up 3.1 per cent, boosted by a jump in oil prices on risks of OPEC+ supply cuts.

Value stocks such as telecom and utilities also gained 2.4 per cent and 2.3 per cent respectively.

Credit Suisse tumbled nearly 1 per cent, reflecting market concern about the Swiss bank as it finalises a restructuring due to be announced on October 27th.

Logitech International slipped 1.7 per cent after Exane BNP Paribas downgraded the Swiss computer peripherals maker, while Just Eat Takeaway dipped 5.7 per cent after JP Morgan cut its rating

NEW YORK

Ten of the 11 major S&P 500 sectors advanced in midday trading, with the energy sector heading for its best day in more than three months.

Oil majors Exxon Mobil and Chevron rose more than 4 per cent, tracking a jump in crude prices as sources said Opec and its allies are considering their biggest output cut since the start of the Covid-19 pandemic.

Megacap growth and technology companies such as Apple and Microsoft advanced 2 per cent each, while banks gained 2.8 per cent.

Tesla fell 8.4 per cent after it sold fewer-than-expected vehicles in the third quarter as deliveries lagged way behind production due to logistic hurdles. Peers Lucid Group slid 2 per cent and Rivian Automotive 4 per cent.

(Additional reporting: Reuters)