Global stocks climb higher on fresh hopes for Ukraine peace talks

Global shares climbed higher on Tuesday on the back of fresh hopes in the Ukraine-Russia peace talks.

DUBLIN

Euronext Dublin finished the day up 3.5 per cent, with the gains driven by many of the index’s larger names as it outperformed international peers.

Investor sentiment was lifted after Russia’s deputy defence minister said Moscow had decided to drastically cut military activity around Kyiv and Chernihiv in Ukraine, after talks between Russian and Ukrainian negotiating teams in Istanbul.

Meanwhile, Ukraine proposed adopting neutral status in exchange for security guarantees at the latest round of talks with Russia, meaning it would not join military alliances or host military bases, Ukrainian negotiators said.

Global stocks rebound after hawkish Federal Reserve comments

---

Iseq trails Europe as leading stocks decline

---

European stocks inch up as investors assess bond moves

---

Russia’s stock market resumes trading after month-long hiatus

---

In Dublin, Ryanair and Aer Lingus parent International Airlines Group were both up 5 per cent. Staying with travel and leisure, Dalata Group – the State’s biggest hotel operator – was up 1.5 per cent.

The standout performers were the Irish banks, with AIB and Bank of Ireland up 7.5 per cent and 8.5 per cent respectively.

The positive geopolitical news fed into the construction names as building materials group CRH finished the day up 2 per cent, while insulation specialist Kingspan was up 1 per cent and Woodies parent Grafton Group was up 1.8 per cent.

Elsewhere, packaging company Smurfit Kappa finished the day up 5 per cent, while Paddy Power Betfair owner Flutter Entertainment finished the day up 4 per cent.

Among the food names, Glanbia was up almost 3 per cent, while Kerry Group added 4 per cent.

LONDON

UK shares climbed on Tuesday, while Barclays hit a three-week low following a discounted stake sale.

The blue-chip index ended 0.9 per cent higher, with financials HSBC Holdings and Prudential and consumer stocks Diageo and Unilever providing the biggest boosts.

Further advances were capped by a pullback in oil majors BP and Shell, both down over 1.9 per cent after oil prices dropped, extending losses from the previous day.

Meanwhile, base-metal and precious metal miners dropped 2 per cent and 1.1 per cent respectively, tracking weaker metal prices.

The domestically focused midcap Ftse 250 index advanced 2 per cent, boosted by a 4.4 per cent jump in travel and leisure stocks.

Among stocks, Barclays fell 2.5 per cent, after one of its top investors offloaded a $1.2 billion chunk of stock in the lender at a discount overnight.

Polymetal surged 39.5 per cent after the Russian precious metals producer said it was considering various options to boost shareholder value, as the Ukraine crisis batters its shares.

EUROPE

European shares rallied as the pan-European Stoxx 600 index climbed 1.6 per cent to its highest in nearly a month, and extended gains to a third straight session, as a sell-off in bonds continued.

All major sectors were in positive territory, led by automakers and banks, which jumped 5.9 per cent and 3.8 per cent respectively.

France and Germany saw bigger-than-expected drops in consumer confidence this month as government measures to help with rising inflation and fuel costs offered little relief following Russia’s invasion, surveys showed.

Shares of Maersk slipped 4.1 per cent after the Danish shipper said the Shanghai lockdown would hurt trucking services and increase transport costs, while the world’s biggest cement maker, Holcim, gained 3.9 per cent after saying it was exiting the Russian market.

NEW YORK

US stocks rose on Tuesday, with nine of the 11 major S&P 500 indexes advanced in afternoon trading.

Oil majors Exxon Mobil and Chevron fell more than 2 per cent each, while the broader S&P 500 energy declined 2.4 per cent. Material stocks dipped.

Megacap companies such as Meta Platforms, Apple and Alphabet gained 1.2-2.4 per cent.

FedEx gained 4.1 per cent after the global delivery conglomerate named operating chief Raj Subramaniam as its top boss.