US shares joined a rally in Europe and Asia on Monday after the White House exempted smartphones and computers from its tariffs, though gains were capped and the dollar was muted.
In Europe, shares closed higher in broad-based gains on Monday as risk sentiment swelled, bringing some respite after weeks of turmoil.
Dublin
The Iseq All Share Index closed up 3.04 per cent at 9,943.04. It was a good day for banking, in keeping with broader European performance – AIB finished up just over 5 per cent at €5.64, and Bank of Ireland up 3.15 per cent at €10.10. Permanent TSB was up 9.22 per cent to finish at €1.54.
Home builders too had a good start to the week with Cairn Homes closing at €1.866, a gain of 2.53 per cent; and Glenveagh seeing its stock rise 3.79 per cent to finish at €1.48. Ires Reit was up marginally, its 0.71 per cent climb closing out shares at €0.987.
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The Dalata Hotel Group added 3.07 per cent to its share price which finished out at just over €5.
Kerry Group added 1.67 per cent to reach €91.55, while Glanbia was similar at 1.53 per cent, closing at €9.935.
Ryanair shares reached €19.41 following a climb of 3.41 per cent. FBD Holdings, meanwhile, booked the trend with a dip of 0.77 per cent, and a closing price of €12.90.
London
UK shares climbed in broad-based gains. The blue-chip FTSE 100 index was up 2 per cent and the midcap index gained 2.5 per cent.
Persistent uncertainty surrounding tariff policies has led to a roughly 8 per cent drop in the UK’s blue-chip index from its record closing high.
On the FTSE 100 index, 95 out of the 100 listed stocks traded in positive territory.
Heavy-weighted bank stocks led the FTSE 100 gains with Standard Chartered and Barclays each surging 5 per cent.
Convatec Group jumped 4.3 per cent after the medical equipment maker raised its annual sales forecast for its InnovaMatrix wound treatment product to $75 million from $50 million.
However, fund manager Ashmore dropped 6.4 per cent after reporting a 5 per cent sequential decline in third-quarter managed assets.
Europe
The pan-European STOXX 600 ended 2.7 per cent higher after registering its third consecutive week in the red on Friday, with more than 96 per cent of the constituents clocking gains.
All regional indexes recorded gains, with trade-exposed Germany up 2.9 per cent, while France, Spain and Britain also registered gains of more than 2 per cent.
Weeks of back-and-forth over tariffs have rattled global markets, dragging the benchmark index down roughly 11 per cent from its record closing high.
Financials were amongst the biggest boosts, with the banks subindex jumping 3.9 per cent. Germany’s Deutsche Bank, Britain’s Standard Chartered and Italy’s Banca Monte dei Paschi di Siena led gains.
Shares of chip-related companies Infineon, ASML, and BE Semiconductor rose between 2.2 per cent and 3.4 per cent.
In company news, Danish drugmaker Novo Nordisk advanced 3.7 per cent after US firm Pfizer said it had discontinued development of its experimental weight-loss pill danuglipron.
New York
Wall Street’s main indexes rose on Monday but were well off session highs following an early rally in technology stocks after the White House tech exemptions.
However, the exempted tech products will face new duties within the next two months, US commerce secretary Howard Lutnick said. These product categories make up about 20 per cent of US imports from China, according to Deutsche Bank.
Indexes had jumped at the open, with the tech-heavy Nasdaq up over 2 per cent, but they pared gains in late morning trading.
Apple was up 2.2 per cent, while PC maker HP and retailer Best Buy gained 1.5 per cent and 1.8 per cent, respectively.
Most other megacap stocks reversed course, with Nvidia falling 0.8 per cent and Amazon.com down 1.9 per cent, while the Philadelphia SE Semiconductor index was 0.4 per cent lower.
At 12:05pm the Dow Jones Industrial Average rose 110.00 points, or 0.27 per cent, to 40,322.71, the S&P 500 gained 20.44 points, or 0.38 per cent, to 5,383.78, and the Nasdaq Composite gained 35.29 points, or 0.21 per cent, to 16,759.75. Additional reporting: Reuters
