Iseq lags other European indices as doveish ECB comments prop up markets

European shares hit another record peak on Monday after comments from European Central Bank chief Christine Lagarde helped beat back bets of tighter monetary policy, while a fall in miners kept gains at bay.

In the United States, Wall Street indexes were pulled off session highs on as technology stocks came under pressure from rising US Treasury yields.

Dublin

The Iseq fell 0.6 per cent with limp displays from indigenous multinationals, with Glanbia down 1.9 per cent to €13.35, CRH down 0.6 per cent to €44.24 and Kerry Group down by almost 1.1 per cent to €113.75.

Travel-related stocks were hit by rising concerns of renewed restrictions in Ireland and across Europe, as the latest Covid wave puts strain on hospitals. Dalata, Ireland's largest hotel group, fell by almost 2.6 per cent to €3.91. Ryanair was down 0.8 per cent to €16.77, while the Dermot Desmond-backed Datalex, which sells software to airlines, fell 1.1 per cent to 90 cents per share.

European stocks held back by inflation worries

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Oil prices rise on slow Opec output increase

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European shares edge upwards amid gains for mining stocks

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Upbeat China data buoys sentiment in world share markets

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London

A rise in shares of Royal Dutch Shell helped offset declines in mining stocks, lifting the commodity-heavy FTSE 100. Royal Dutch Shell added 2.1 per cent after saying it would simplify its business and move its head office to Britain from the Netherlands.

The domestically-focused FTSE 250 index ended 0.3 per cent higher. CMC Markets rose 6.4 per cent after the online trading group announced a possible separation of its leveraged and non-leveraged divisions.

Cineworld jumped 6.6 per cent to the top of index after the world's second-largest theatre operator said revenue had grown steadily since reopening and touched 90 per cent of pre-pandemic levels last month.

Miners slipped 1.5 per cent, pressured by global moves to reduce coal use and a big drop in China’s steel production.

Drugmaker AstraZeneca gained 1.9 per cent to provide the biggest boost to the FTSE 100 index, followed by banking shares.

Europe

The continent-wide Stoxx 600 index rose 0.4 per cent, while Germany’s Dax index gained 0.3 per cent, as both gauges hit a new record highs.

France's blue-chip Cac 40 also hit an all-time high, rising 0.5 per cent on a lift from Airbus. The European planemaker received a multibillion-dollar order for 255 single-aisle A321neo passenger jets from private-equity firm Indigo Partners' portfolio airlines.

Spanish bank BBVA was the biggest drag on Spain's blue-chip Ibex, losing 4.3 per cent on its offer to buy the rest of Garanti BBVA for up to €2.25 billion.

Shares of Dutch-listed Philips, which is recalling ventilators due to use of parts containing a potentially hazardous foam, slid 10.6 per cent after the company announced it was in talks with US regulators following a new inspection of one of its facilities.

New York

The Nasdaq fell the most among its peers, coming off early gains as heavyweight technology stocks retreated. Higher US Treasury yields tend to weigh on tech, as they discount future earnings from the sector.

Electric carmaker Tesla fell 4.2 per cent after chief Elon Musk got into a spat with Bernie Sanders as the US senator demanded the wealthy pay their "fair share" of taxes. Tesla's declines follow a steep 15.4 per cent drop last week after Musk offloaded $6.9 billion worth of shares in the company.

Boeing was the top boost to the Dow Jones, rising 5 per cent to a three-month high after Emirates announced an order for two 777 Freighters and as Saudi Arabian Airlines was in talks with the planemaker for a wide-body jet order.

Walmart, which is set to report earnings on Tuesday, fell 0.4 per cent, while the S&P retailers index added 0.4 per cent. Retail sales data for October is also due on Tuesday, and is expected to show the impact of inflation on consumer spending.

Dollar Tree jumped 13.7 per cent and was the top gainer on the S&P 500 after activist investor Mantle Ridge LP revealed a 5.7 per cent stake in the discount retailer. – (Additional reporting: Reuters)