European shares fell alongside other major global stock markets on Friday on uncertainty over trade tensions and geopolitical conflicts, while travel and leisure stocks were hit after a fire led to the closure of Britain’s Heathrow airport.
Dublin
The Irish index of shares ended the week on a negative note, slipping less than half a per cent as travel and leisure stocks weighed on the market.
Hotels group Dalata was down 0.7 per cent over the session, while Ryanair fell almost 2.3 per cent amid travel turmoil caused by Heathrow’s closure. Irish Continental Group also dipped slightly, losing less than half a per cent.
Construction stocks were also lower, with Kingspan down almost 3 per cent to €79.30, and home builders Glenveagh and Cairn both ticking lower.
Banking shares gained in value, with AIB up 2.5 per cent to €6.68, and Bank of Ireland up 0.4 per cent to €11.60.
London
British stocks closed lower on Friday on continued worries about the economic impact of US tariff policy.
The blue-chip FTSE 100 was down 0.6 per cent. The mid-cap FTSE 250 index declined 0.9 per cent.
Meanwhile, Britain’s Heathrow said it had begun the process of reopening, after a fire knocked out its power supply and shut Europe’s busiest airport for the day.
The shutdown weighed on airline and travel stocks globally, though stocks pared some losses after the reopening announcement.
British Airways owner IAG fell as much as 4.2 per cent and closed 1.9 per cent lower. The travel and leisure sector fell nearly 2 per cent.
JD Wetherspoon tumbled 9.4 per cent, after the pub group’s weak interim profit and poor economic outlook.
JD Sports Fashion dropped 5.1 per cent, following Nike’s bleak fourth-quarter revenue outlook.
Europe
The pan-European STOXX 600 was down 0.6 per cent in a third consecutive session of declines.
Shares of Lufthansa were down 1.7 per cent. The travel and leisure sector closed 1.6 per cent lower.
The European benchmark index closed 0.5 per cent higher on the week, after both houses of the German parliament passed reforms for a massive increase in government borrowing and a €500 billion fund to revive the economy.
However, concerns about weaker growth, higher inflation due to global trade uncertainties and the Russia-Ukraine conflict kept a lid on risk appetite.
New York
Wall Street’s main stock indexes traded shy of their session lows on Friday, after US president Donald Trump hinted there would be some flexibility regarding tariffs, ahead of the reciprocal duties he is expected to impose early next month.
Investors are awaiting the US president’s detailed plans on the reciprocal and sector-specific tariffs.
Against this backdrop, companies have been altering their forecasts, with FedEx being the latest firm to cut its annual projections. The stock fell 8.11 per cent.
Peer UPS lost 2.6 per cent. Delivery firms are often seen as a barometer for the global economy given their involvement in a wide range of industries.
Nike slid 5.1 per cent after the sports apparel maker projected a sharper decline in fourth-quarter revenue than analysts had anticipated.
Materials led declines among the 11 S&P 500 sectors with a 1.6 per cent drop, dragged down by Nucor Corp after the company forecast first-quarter profit below estimates.
At 12.38pm ET, the Dow Jones Industrial Average fell 109.33 points, or 0.26 per cent, to 41,843.99, the S&P 500 lost 21.12 points, or 0.37 per cent, to 5,641.77 and the Nasdaq Composite lost 21.91 points, or 0.12 per cent, to 17,669.72.
Boeing jumped 4.8 per cent after a report said Mr Trump awarded the plane maker a contract to build the US Air Force’s most sophisticated fighter jet. – Additional reporting: Reuters
