Global markets were muted but steady on Monday after softer-than-expected inflation numbers in the United States fuelled expectations the Federal Reserve may lower rates.
Dublin
Euronext Dublin underperformed peers as it finished the day down 0.4 per cent after a number of the index’s heavier hitters endured a sluggish day.
Budget airline Ryanair was down 80 basis points at close of business ahead of posting results next week.
Among the banks, AIB finished the day down 1 per cent. “It’s had a good run of late, so it was a case of giving back some of those gains,” noted a trader.
Food producer Kerry Group, another of the big names on the index, finished down 1.7 per cent.
It was a better day for the home builders, with Cairn Homes and Glenveagh Properties up 3.4 per cent and 3.3 per cent respectively.
London
The FTSE 100 struggled to make headway after the UK’s unemployment rate hit a near four-year high amid a faltering jobs market.
London’s blue-chip index ended down 2.1 points to finish the day at 8602.92, a 0.02 per cent fall.
In company news, Marks & Spencer revealed that customer personal data has been taken by hackers after it was hit by a damaging cyberattack. Shares in the retailer fell 0.3 per cent.
Elsewhere, pub group Marston’s said it had returned to a profit in recent months after cutting costs and attracting customers during occasions such as Easter and Mother’s Day. Shares rose 3.5 per cent.
Heavyweight Shell led the gains in the FTSE 100 with a 1.2 per cent rise. Sales and marketing services provider DCC dropped 6.5 per cent to the bottom of the blue-chip index after reporting 2025 adjusted operating profit below estimates.
GSK fell nearly 3 per cent after company, along with partner iTeos Therapeutics, announced plans to discontinue lung cancer therapy development.
Europe
Shares on the continent were steady with the pan-European Stoxx 600 up 0.05 per cent and Europe’s broad FTSEurofirst 300 index up 0.03 per cent.
Elsewhere, Germany’s Dax rose 0.2 per cent and France’s Cac 40 rose 0.3 per cent.
Euro zone yields steadied after rising sharply on Monday when easing trade tensions reduced concerns about economic growth and led investors to scale back bets on European Central Bank interest rate cuts.
Germany’s 10-year yield, the euro area’s benchmark, rose 2.5 basis points to 2.66 per cent, after reaching 2.68 per cent, a fresh one-month high.
It jumped nine basis points on Monday, in its biggest daily rise since early March when Germany announced plans for a massive increase in fiscal spending.
Goldman Sachs raised its forecast on Tuesday for the euro area’s economic growth and said it now expects the European Central Bank to reach a terminal rate of 1.75 per cent in July, revising its previous forecast of 1.5 per cent by September.
New York
The S&P 500 and the Nasdaq advanced on softer-than-expected inflation numbers and market optimism spurred by the US-China trade reprieve, renewing expectations that the Federal Reserve would lower borrowing costs soon.
The Dow fell more than 150 points, bogged down by UnitedHealth’s 15.8 per cent slide after the insurance bellwether suspended its annual forecast and its CEO stepped down.
The Dow Jones Industrial Average fell 0.4 per cent in midday trading; the S&P 500 rose 0.77 per cent; and the Nasdaq Composite gained 1.49 per cent.
Monday’s relief rally came after Washington and Beijing agreed to dial back stringent reciprocal tariffs, signalling a joint effort to stave off a global economic downturn.
Most megacap and growth stocks swung higher, with Nvidia leading the pack with a 5.6 per cent jump.
Crypto exchange operator Coinbase Global, which is slated to join the S&P 500 on May 19th, was among the top movers, jumping 18.8 per cent. (Additional reporting: Agencies)
