Global shares fell on Tuesday, as caution gripped markets amid fading hopes for a sustained peace deal between the US and Iran.
Oil prices surged, and chip stocks fell as US government bond yields continued to jump.
DUBLIN
The Iseq Overall Index fell by more than 1.2 per cent, performing slightly worse than its European peers as rising oil prices heaped selling pressure on Ryanair.
In line with a sectoral move across Europe, the airline fell by almost 4.4 per cent to €23 per share, as investors weighed the prospect of higher-for-longer crude and jet fuel prices in light of the war in the Middle East.
RM Block
Banking stocks tread water, with AIB and Bank of Ireland little changed at €10.84 per share and €19.23, respectively.
Meanwhile, shares in Irish Ferries owner ICG dipped by more than 3.5 per cent after the board of the group said it continues to consider the terms of an ongoing management buyout offer to be “fair and reasonable”. The move came hours before 2 per cent shareholder Pageant Investments said it had voted against the proposed sale.
EUROPE
European shares edged lower, as euro zone bond yields surged, adding to investor concerns about persistent inflation. The blue-chip Stoxx 50 shed more than 0.8 per cent, while the pan-European Stoxx 600 logged its fifth consecutive session of losses, dipping by a further 0.6 per cent.
Technology stocks fell the most, after optical connectivity products maker Huber+Suhner slid by 10.2 per cent following weaker-than-expected core profit and communications unit orders, putting the stock on track for its worst day since April 2025.
Chip stocks suffered with Infineon shedding 7.1 per cent and ASML losing almost 5 per cent.
Among individual stocks, H&M added more than 4 per cent, rising to near the top of the Stoxx 600 index, after an executive disclosed the purchase of 8,000 shares in the Swedish high street fashion company.
LONDON
British shares were down. Pulled in opposite directions by tumbling mining and surging energy stocks, the benchmark FTSE 100 was little changed at the end of the session, while the domestic-focused FTSE 250 finished down by 0.5 per cent.
Shares of miners Antofagasta, Fresnillo and Anglo American fell by between 2 per cent and 3 per cent as gold and copper prices slipped. Rio Tinto, down by 0.3 per cent, and Glencore, down by 0.6 per cent, fared slightly better.
Moving in the opposite direction, oil majors Shell and BP jumped by 1.8 per cent and almost 3 per cent, respectively, in line with surging crude prices.
Among the midcap stocks, shares of IT software provider Kainos Group rose 21 per cent after its fiscal 2027 revenue and adjusted pretax profit forecasts came in “comfortably ahead” of market expectations.
NEW YORK
Meanwhile, tumbling chipmaker stocks sent Wall Street’s main indices near two-week lows as inflation angst and rising government debt kept bond yields elevated.
The Nasdaq Composite dropped by 1.5 per cent in early trading, while the S&P 500 dipped by 0.6 per cent and the Dow Jones Industrial Average fell by 0.2 per cent.
Chip stocks have been the best performers on Wall Street so far this year. However, the sector has come under heavy selling pressure in recent sessions, with the closely watched Philadelphia SE Semiconductor index shedding 3.7 per cent.
Most megacap and growth stocks also declined, as high government bond yields potentially lower the present value of future tech profits and increase corporate borrowing costs.
Nvidia was down 2 per cent, and Meta lost 3 per cent. The S&P 500 Information Technology sector was the biggest drag, down 1.5 per cent.
Strong earnings from several companies, including some AI hyperscalers, had pushed the S&P 500 and the Dow to all-time highs earlier this month. Investors now see the quarterly report by AI bellwether Nvidia, due in the upcoming week, as the next test for the AI-driven momentum. – Additional reporting: Bloomberg, Reuters
