Stocks in the US and Europe reversed early losses to rise on Monday, as investors hoped a batch of corporate earnings this week would boost sentiment and offset more signs of a US economic slowdown before the Federal Reserve’s two-day policy meeting on Wednesday. The stock market in Dublin, however, fell almost 1 per cent.
Dublin
The Iseq was dragged into the red by its heavyweight stocks, including the banks. AIB, still reeling after its cashless branches U-turn last week, fell 0.65 per cent to €2.13 per share. Meanwhile, Bank of Ireland, which released a gloomy economic report at the weekend, fell 2.6 per cent to €5.59.
Following days of coverage of disruption in the UK’s shipping routes to Europe, ferries group ICG dropped 6.4 per cent to €3.85.
Despite reporting a five-fold surge in passenger numbers, Ryanair remained virtually flat at €12.87.
Mike Tyson couldn’t turn back time, but he knew that all along
Steve McQueen: ‘It was always Saoirse Ronan and her mother. So there was this bond. There’s this kinship’
Caught in a landslide, gored to death, expelled from Japan: the fates of plant-hunters who pursued rare specimens
Best known as one half of D’Unbelievables, Jon Kenny was both an anarchic comedian and a soulful presence
London
The London Stock Exchange’s Ftse 100 index rose slightly but bleak economic outlooks and rising rates continue to cause market jitters. The Ftse index closed at 7,306.30, up by 0.41 per cent, kicking off a busy week of company results.
Online wine retailer Naked Wines dropped in value after its finance boss quit. The group told shareholders on Monday morning that Shawn Tabak had stepped down from his role as chief financial officer on Friday “by mutual agreement”.
It came weeks after the company’s shares plunged almost 40 per cent after warning that sales could fall by up to 4 per cent due to customers tightening their belts. It closed 3.8p lower at 161.2p.
Elsewhere, Vodafone reported rising first-quarter sales as price rises in the UK helped it offset a weaker German market. The group said total revenues rose 1.6 per cent over the quarter, with service revenues up 2.5 per cent. Shares were flat at 129p following the session, as the update failed to stir significant reaction with traders.
Europe
The pan-European Stoxx 600 index closed up 0.1 per cent after struggling for direction in the entire session. Banks, which benefit in a high interest rate environment, rose 1.7 per cent and helped lender-heavy main indices in Spain and Italy rise, outperforming regional peers. They were followed by gains in oil producers and miners.
Germany’s Dax index fell after Russia’s Gazprom said a new turbine halt would further cut gas to Germany via the Nord Stream 1 pipeline, stoking supply worries, while a mixed batch of earnings raised concern about overall economic growth.
The Dax erased afternoon gains to end 0.3 per cent lower after Gazprom said it was halting the operation of another Siemens gas turbine at Nord Stream 1′s Portovaya compressor station.
Dutch medical equipment maker Philips tumbled 7.7 per cent on a worse-than-expected drop in second-quarter core earnings, citing supply shortages and lockdowns in China.
Spanish pharma company Almirall fell 2.9 per cent on missing core earnings expectations.
French group Faurecia rose 2.8 per cent after Forvia, the cart parts maker born from its takeover of German rival Hella, confirmed its full-year guidance and reported upbeat sales in the first half of the year.
Bechtle gained 4.8 per cent after the German IT-systems provider reported upbeat preliminary second-quarter earnings, with growth back to pre-Covid levels.
New York
Despite rate hike fears, the S&P 500 rose 0.2 per cent and Dow Jones was up 0.3 per cent by the time European markets closed.
Shares of big technology companies fell, with Microsoft slipping 0.4 per cent after Wells Fargo cut its price target, citing risks from inflation, rising rates and a stronger dollar on earnings.
Apple shares shed 0.1 per cent, while chip maker Nvidia Corp dropped 2.5 per cent.
Newmont Corp shed 11.5 per cent after the miner raised its annual cost forecast and missed its second-quarter profit, hurt by lower gold prices and inflationary pressures.
