European shares rebounded on Tuesday from a two-month low touched in the previous session, while the market braced for an impending April 2nd deadline for US reciprocal tariffs. US stocks gained, erasing earlier losses.
Dublin
The Iseq All Share Index was up 1.63 per cent to 10,354.82.
A day after the Department of Finance cleared the way for AIB’s plan to buy back more than €1 billion worth of shares from the State, the bank rose 3.03 per cent to close at €6.13. Bank of Ireland also saw gains, closing 3.41 per cent higher.
It was a positive day for Glenveagh which finished up 2.92 per cent at €1.55, while Cairn Homes saw a similar climb, closing Tuesday trade up 2.41 per cent to €1.956.
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Kenmare Resources, which reported an annual earnings slump of 29 per cent last week, closed flat at €4.58. Ryanair was up 2.39 per cent with its stock at €19.07.
FBD Holdings fell 3.14 per cent to finish the day at €13.90. Greencoat Renewables too retreated, closing at €0.732, a decline of 0.41 per cent.
London
The FTSE 100 rose on Tuesday, bouncing back from a near three-week low in the previous session, though sentiment remained cautious ahead of potential US reciprocal tariffs.
The blue-chip FTSE 100 rose 0.75 per cent as of 1011 GMT; the midcap FTSE 250 index also gained 0.95 per cent.
Among index sectors, heavyweight healthcare advanced 1.6 per cent, with drugmaker AstraZeneca climbing 1.7 per cent after reporting positive results from the Phase IIb trial of its cholesterol reduction drug.
Industrial miners also rose 1.4 per cent as London copper prices rebounded from a two-week low, buoyed by positive Chinese economic data.
UK business minister Jonathan Reynolds said on Tuesday Britain is still hopeful that any tariffs imposed by US president Donald Trump will be reversed shortly, if the two sides can agree the outline of a new economic partnership.
Greencore jumped 5.3 per cent to lead the gains on the midcap index after the convenience food manufacturer said it expects annual adjusted operating profit to be higher than current market expectations and in the range of £112 million – £115 million.
Supermarket group Sainsbury dropped 3 per cent, making it the FTSE 100’s biggest loser, after brokerage Exane BNP Paribas cut its rating to neutral from outperform.
Travis Perkins led the declines on the midcap index as the building materials supplier warned of flat profits this year, falling short of analyst expectations. Shares fell 7 per cent.
Europe
The majority of major European sectors advanced, led by gains in bank and technology stocks.
The pan-European Stoxx 600 index closed 1.1 per cent higher, recovering from the prior day’s losses as concern an escalating trade war would cause a global economic slowdown prompted a flight from riskier assets.
Most regional bourses rose over 1 per cent.
A 7.4 per cent jump in shares of Commerzbank lifted German shares 1.7 per cent.
Software company SAP and semiconductor firm ASML were the biggest lifts to the Stoxx 600, jumping 2.3 per cent and 3.1 per cent, while heavyweight Novo Nordisk snapped a nine session declining streak and rose 1.9 per cent.
Bavarian Nordic rose nearly 2.3 per cent after the Danish biotechnology company said the US Food and Drug Administration had approved a freeze-dried formulation of its mpox and smallpox vaccine.
Airbus shares gained 3.2 per cent after sources said the plane maker delivered about 70 planes last month, up sharply from 40 the month prior.
New York
US stocks gained, erasing earlier losses, as weak manufacturing activity coupled with slowing job openings boosted bets for interest-rate cuts ahead of president Trump’s next tariff deadline on Wednesday.
The S&P 500 Index was up 0.5 per cent before midday in New York, after sliding nearly 1 per cent shortly after the opening bell following its worst quarter in nearly three years. The Nasdaq 100 Index rose 0.8 per cent, led higher by Tesla ahead of its quarter deliveries data.
Nvidia pared losses while Johnson & Johnson dropped nearly 5 per cent — th– biggest S&P decliner after a federal judge denied its settlement plan related to baby powder containing talc.
The S&P 500 is now sitting at about 8.4 per cent below its February 19th all-time closing high, teetering on the cusp of a correction. Traders see more big swings coming, given the Cboe Volatility Index has climbed to about 22, topping the level around 20 that usually indicates growing concern among traders. – Additional reporting: Reuters, Bloomberg
