Global equities indices eked out modest gains on Tuesday as investors awaited Nvidia’s latest earnings report, seen as a key bellwether of the broader artificial intelligence trade.
Markets largely shrugged off a renewal of trade tensions between the US and Canada, while falling oil prices also helped to buoy sentiment.
Dublin
The Iseq index was up by more than 0.4 per cent, performing slightly better than many of its peers.
Bank stocks were mixed, with AIB advancing by 0.4 per cent to €11.50 per share. The move came after Bloomberg reported that the lender is working with Spain’s Santander and Britain’s Howden on a significant risk transfer tied to about €2.5 billion of project finance transactions.
RM Block
The deal, which will transfer some of the default risk on the portfolio to investors, is expected to be completed later this year, Bloomberg reported, citing people familiar with the matter.
Bank of Ireland, meanwhile, dipped by 0.4 per cent to €19.15 per share.
Ryanair edged 0.4 per cent higher to €23.65 per share amid a tentative renewal of investor optimism over the trajectory of oil and jet fuel prices.
Among the other larger caps, Kingspan added 1.6 per cent to close at €102.30 per share, while Kerry Group was little changed at €85.06.
London
British shares advanced, with the benchmark FTSE 100 index adding 0.3 per cent and the domestic-focused FTSE 250 up 0.6 per cent.
Housebuilders were lifted by the British government’s plans to spend £10 billion on lower-cost housing for renters, with a focus on London.
Vistry jumped 15.9 per cent, leading gains in the midcap index, after it received initial funding of £350 million to deliver over 3,000 affordable homes as part of the plan. Taylor Wimpey added 2.7 per cent, while Persimmon jumped by 2.2 per cent, and Barratt Redrow advanced by 1.8 per cent.
Meanwhile, shares of energy majors BP and Shell dipped as oil prices fell more than 3 per cent, with traders shrugging off the latest US sanctions campaign against Iran.
Europe
European shares edged higher, with the pan-European Stoxx 600 index up 0.4 per cent and the blue-chip Stoxx 50 ahead by 0.2 per cent.
Tech stocks mostly advanced before Nvidia’s highly anticipated earnings update after the European markets close. Chipmaker Infineon rose by more than 1 per cent, with the Netherlands’ ASML advancing by 0.7 per cent.
Software group SAP, meanwhile, dipped by 0.7 per cent.
Defence stocks led sectoral gains, rising 1.2 per cent, after aerospace firm Melrose Industries jumped 8.8 per cent, having slated the reopening of its Garden Grove facility for late September.
New York
Wall Street’s main equities index advanced, breaking a seven-day losing streak, as traders anxiously awaited Nvidia’s earnings.
Falling oil prices also helped lift stocks, with the Nasdaq Composite up 0.4 per cent, outperforming other benchmarks. The S&P 500 was up by 0.2 per cent, while the Dow Jones Industrial Average was little changed.
Analysts estimate that Nvidia’s revenue nearly doubled last quarter from a year earlier to $92 billion. That’s more money than any of its rivals get in a full year.
Most megacaps were trading higher, with Nvidia and Meta gaining 1.4 per cent and 0.9 per cent, respectively.
Chipmakers Intel and Micron added 3.1 per cent and 3.9 per cent, respectively. Data-storage company Western Digital rose 3.7 per cent.
Advanced Micro Devices rose 3.4 per cent after Raymond James upgraded the stock.
Dick’s Sporting Goods cratered 22.6 per cent after the retailer slashed its annual forecasts, citing challenging market conditions. Sportswear giant Nike also dipped 3.2 per cent. – Additional reporting: Bloomberg, Reuters
