European were mixed on Friday after a surge in volatility in response to abrupt US tariff shifts that deepened fears over the economic impact of a trade war.
Dublin
The Irish market ended the day in positive territory, although it still had yet to shake off the chilling effect of Donald Trump’s trade war.
Among banking shares, AIB was largely flat on the day, while Bank of Ireland gained 2.15 per cent. Permanent TSB remained off the pace, losing 2.4 per cent over the session, and insurer FBD was also lower, shedding 2.6 per cent.
Food groups Kerry and Glanbia also regained some ground, with the latter up 1.5 per cent and the former up 1.4 per cent by the end of the day.
Insulation specialist Kingspan added 1.9 per cent to close at €70.90.
Ryanair ended the day marginally lower, but overall, the stock gained over the week.
London
The FTSE 100 rose on Friday, with gains in mining stocks providing some support even as escalating fears over US-China trade tensions left investors wary after a week of tariff-induced uncertainty.
The blue-chip FTSE 100 index was up 0.6 per cent. But the index fell 1.1 per cent for the week, its second straight week of losses.
Interest rate-sensitive British bank stocks were up 0.8 per cent, also lifted by positive corporate results from US peers. HSBC Holdings was among the top gainers in the FTSE 100, up 2.7 per cent.
Precious metal miners Fresnillo and Endeavour Mining were top performers on the blue-chip index, gaining 7.4 per cent and 6.4 per cent, respectively, on rising bullion prices.
Industrial metal miners gained 2.7 per cent as London base metals were mostly higher, with copper headed for a weekly rise.
The energy index, however, fell 1.2 per cent, leading sectoral declines, dragged by heavyweight BP. The energy group fell 2.9 per cent after it said it expects weak first-quarter gas marketing and trading earnings, and an increase in net debt.
Europe
The pan-European Stoxx 600 edged 0.1 per cent lower, after China raised tariffs on US goods to 125 per cent from 84 per cent in an escalation of the trade tensions between the world’s two largest economies.
The week has been one of the most volatile for financial markets in years as US President Donald Trump first imposed, then paused some steep reciprocal tariffs on its trading partners, while hiking them on Chinese imports to 145 per cent.
The Stoxx 600 briefly hit a near 1-1/2-year low earlier this week, then surged on Thursday after the tariff pause, with both the benchmark and several regional indexes having their strongest session since 2022.
The index fell 1.8 per cent on a weekly basis, its third straight week in the red.
Among individual stocks, Stellantis shares dropped 3.8 per cent after the carmaker’s first-quarter shipments were down 9 per cent compared with last year.
Shares of BNP Paribas lost 2.4 per cent after a report the ECB was opposed to it using a favourable capital treatment for its deal to buy French insurer AXA’s asset management business.
New York
Wall Street’s main indexes were muted in choppy trading amid an escalating trade war that has hit global markets recently, while results from big Wall Street banks set the earnings season rolling.
Stocks fell briefly on Friday after data showed US consumer sentiment deteriorated sharply in April and 12-month inflation expectations surged to the highest level since 1981 amid unease over escalating trade tensions.
JPMorgan Chase gained 2.5 per cent after beating first-quarter profit estimates, while Morgan Stanley fell about 1 per cent after reporting quarterly results. Wells Fargo lost 3.7 per cent after the lender lowered its full-year net interest income expectations.
Despite beating first-quarter profit estimates, executives at the banks warned that sweeping tariffs could fuel risks and weigh on economic growth.
At 11.42am in New York, the Dow Jones Industrial Average fell 32.12 points, or 0.08 per cent, to 39,561.54, the S&P 500 lost 0.24 points to 5,267.81, and the Nasdaq Composite gained 37.75 points, or 0.23 per cent, to 16,425.06.
Megacap and growth stocks were mixed, with Meta Platforms down 1.6 per cent and Apple gaining 2.2 per cent. – Additional reporting: Reuters
