After a strong opening the Dublin market has slipped back this afternoon ahead of important data from the US on new homes and consumer confidence.
At 12.20pm the Iseq was down 0.45 per cent or 28 points at 6,086.
Irish banking stocks were out of step with those in the UK which have fallen by an average of 2 per cent today.
Bank of Ireland is ahead just under 1 per cent at €8.39 while AIB is 0.5 per cent higher at €13.05.
Irish Life & Permanent was unchanged at 12.20pm on €10.70 while Anglo Irish stocks were marginally behind at €8.40. Analysts said there was little clear reason for the interest in the Irish banks other than value taking.
With oil rising by a dollar overnight to $133 airline stocks were under pressure this morning with Ryanair slipping 3 per cent to €2.54 and Aer Lingus dropping 1.6 per cent to €1.68.
European stocks fell for a third day, led by manufacturers, steelmakers and banks on concern that rising oil prices will drag down corporate earnings. US index futures were little changed, while shares in Asia gained.
Renault SA, France's second-biggest automaker, declined to a two-month low, and ArcelorMittal, the world's largest steelmaker, retreated. Royal Bank of Scotland Group Plc slumped after UK mortgage approvals fell 39 per pent in April. General Motors retreated in Germany as Citigroup Inc. downgraded the stock.
Europe's Dow Jones Stoxx 600 Index lost 0.4 per cent to 317.11 as of 11.55am in London as 16 of 18 industry groups declined.
The index has dropped 21 per cent from a 6 1/2-year high in June on concern record oil prices, higher inflation and $383 billion in credit losses will curb economic growth.
Additional reporting Bloomberg