Global markets climbed on Tuesday with the results season in full swing, although investors were tempered slightly with inflation data due.
Gold fell most since 2013, puncturing a recent surge,
Dublin
Euronext Dublin slightly outperformed European peers as it finished the day up 0.4 per cent. The standout performer on the day was healthcare services group Uniphar, which was up 1.4 per cent at the closing bell.
The banks had what one trader described as a “somewhat subdued” day, with Bank of Ireland and AIB up 0.3 per cent and 0.7 per cent respectively.
RM Block
Food giant Kerry Group, which will report on Thursday, saw “some buy activity” over the course of the day’s trading, a trader said, and was an outperformer as it climbed 0.8 per cent.
Budget airline Ryanair, which rose 0.4 per cent, was also an outperformer, albeit only in the context of other airlines, which mostly finished in the red.
Cavan-based insulation specialist Kingspan, which is one of the largest companies left on the index, climbed 0.3 per cent. Among the home builders, Glenveagh Properties and Cairn Homes finished down 1 per cent and up 0.3 per cent respectively.
London
The FTSE 100 rose for a second consecutive day, lifted by shares of Melrose and HSBC, while losses in precious miners kept gains in check.
Heavyweight HSBC rose 1.8 per cent after hiring banking veteran and former NatWest executive David Lindberg to become the CEO of its UK business. Its shares powered a 1.2 per cent rise in the banks index.
GKN Aerospace owner Melrose Industries advanced 5.3 per cent as GE Aerospace raised its full-year earnings forecast for a second time in four months.
Both the benchmark FTSE 100 and the domestically focused FTSE 250 rose about 0.2 per cent each.
Precious metal miners index slid 11.1 per cent to register its worst day in over ten months as gold and silver dropped 5 per cent and 7 per cent respectively after a record breaking run this year.
Fresnillo fell 14 per cent, while Endeavour Mining tumbled 9.8 per cent – both logging their worst day in nearly four years. This stocks were the worst performers in the FTSE 100.
Europe
Euro zone government bond yields dropped, moving in line with US Treasuries and resuming last week’s trend begun by market jitters about US credit and bets on further Federal Reserve easing.
Germany’s 10-year bond yield was down 3 basis points at 2.55 per cent, closing in on Friday’s four-month low of 2.52 per cent. The yield on the euro zone benchmark fell for a fourth straight week last week as investors sought safe-haven assets.
In European equities, the Cac 40 in Paris ended 0.6 per cent higher, while the Dax 40 in Frankfurt rose 0.3 per cent.
New York
The S&P 500 and Dow indexes advanced, powered by earnings-driven rallies, while the Nasdaq lagged as mega-cap tech stocks paused after a strong run.
As of 11.33am eastern time, the S&P 500 was trading up 0.13 per cent after recovering opening losses. GM shares surged 15.4 per cent after it raised full-year forecast on a brighter tariff outlook. Ford, set to report results on Thursday, cruised 4.6 per cent higher.
GE Aerospace rose 1.9 per cent after lifting profit forecast, while RTX jumped 8.5 per cent. Northrop Grumman and Lockheed Martin, however, lost 0.3 per cent and 1.6 per cent, respectively.
Meanwhile, Warner Bros Discovery said it was considering an outright sale following interest from several potential buyers, sending the media conglomerate’s shares soaring 11.3 per cent.
The Dow rose 0.74 per cent, driven by a 5.7 per cent jump in industrial heavyweight 3M. The company raised its full-year profit forecast for the second time this year.
The Nasdaq slipped 0.1 per cent as tech and chip stocks lost momentum. Nvidia fell 0.4 per cent, while Alphabet dropped 4 per cent. Marvell, Broadcom and AMD lost between 1 per cent and 2 per cent. – Additional reporting: Agencies
