Global shares gained on Friday as investors cheered long-delayed US economic data that appeared to all but guarantee a Federal Reserve interest rate cut next week.
Dublin
The Iseq index was modestly lower on Friday, dipping by less than 0.1 per cent and capping two days of losses.
Banks dragged on the index with Bank of Ireland closing at €15.86 per share, down 1.3 per cent, and AIB sliding 2.4 per cent to €8.70.
Ryanair advanced by more than 1 per cent to €27.95 per share, while Cairn Homes was flat after Thursday’s big gain.
RM Block
Kingspan was another big winner, adding more than 2 per cent to close at €75 per share. The performance capped a weekly gain for the insulation giant after Goodbody described Kingspan shares as “grossly undervalued” despite record profits and strong growth prospects.
The brokerage said the market has “lost sight” of the company’s long-term growth drivers.
London
After initially jumping in advance of the latest US inflation print, UK stocks were slightly lower at the closing bell.
The benchmark FTSE 100 fell by 0.5 per cent, but the mid-cap FTSE 250 was essentially unchanged.
Britain’s housing market slowed in November in both annual and monthly terms in the run-up to the government’s budget, data from mortgage lender Halifax showed on Friday.
Still, shares in home builders jumped, with Barratt Redrow up 0.6 per cent, while property website Rightmove added 3.3 per cent.
Personal goods shares led sectoral gains, with Watches of Switzerland rising 2.6 per cent after three brokerages raised their price targets. Burberry added 3.2 per cent.
Dragging on the benchmark index were the oil majors, BP and Shell, which fell by 2.6 per cent and 1.4 per cent, tracking falling crude prices.
Europe
European shares were little changed after gaining over three consecutive sessions this week.
The blue-chip Stoxx 50 advanced by 0.1 per cent while the pan-European Stoxx 600 was flat.
Industrial and basic resources stocks provided the biggest boost to the Stoxx 50 as copper prices hit a record high. Citigroup set a 2026 target of 640 for the benchmark index and upgraded the auto, industrials, chemicals, and basic resources sectors, citing fiscal tailwinds in 2026.
Auto stocks advanced again, with BMW the biggest winner of the session, adding 3.6 per cent. Mercedes-Benz jumped by 2 per cent, while Volkswagen and Stellantis were up by 1.4 per cent and 2.3 per cent.
Moving down the table, Swiss Re fell by more than 6 per cent after the reinsurer announced its targets for 2026, below analysts’ expectations.
New York
Wall Street stocks gained in early trade with the S&P a whisker away from its October record.
US shares were set to rise for the second straight week, with communication services, technology and energy shares in the driving seat after US economic data solidified investor expectations of a Fed rate cut next week.
The Dow Jones Industrial Average rose 0.5 per cent, the S&P 500 rose 0.5 per cent, and the Nasdaq Composite rose 0.6 per cent.
In September, the Personal Consumption Expenditures (PCE) Price Index – which is the Fed’s preferred inflation gauge – increased 0.3 per cent, in line with analyst expectations.
The report, which was delayed due to the record 43-day US government shutdown, fuelled bets of a 25 basis point rate cut when the Fed meets next week.
Among individual stocks, shares in Netflix edged higher, erasing earlier declines, after agreeing to buy Warner Bros Discovery in a historic combination.
HP shares fell by 0.7 per cent after the company gave an outlook for sales that fell short of high expectations for the AI server business.
Humana shares were up 2.9 per cent after Jefferies upgraded the health insurer to buy from hold, citing an “attractive” risk-reward. – A – tional reporting: Reuters, Bloomberg
