Global stock indices fell on Tuesday as investors eyed ongoing geopolitical tensions and braced for earnings data later this week from leading US technology-related names.
Dublin
Euronext Dublin underperformed a number of international peers as it finished the day down 80 basis points.
Drinks group C&C finished about 4 per cent weaker after it said it remained on-track to deliver full-year operating profits of around €80 million after pretax profits topped €40 million over the six months to the end of August. “The numbers were a little bit underwhelming,” one trader said. “There were some sellers around, and I think the market was expecting them to be a little bit better than they were.”
Lender PTSB was down 3 per cent after it indicated it plans to take a fresh look at ways to cut costs to “protect and grow” profitability as it grapples with interest rates falling at a faster pace than expected.
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Dalata – the largest hotel operator in the State – finished flat, which a trader described as “a good result” in the context of the overall index being down. He added there was “decent volume” traded in the stock.
Elsewhere, agricultural services group Origin Enterprises was another mover on the day as it sank 4 per cent. Grafton Group, which owns Woodies DIY, was also softer, down 1.8 per cent, in what was mainly a sectoral move.
London
The FTSE 100 closed the session with a 0.8 per cent fall on the day, dented by a weak performance by oil giant BP.
BP dropped 5 per cent after it reported that profits tumbled by nearly a third in the latest quarter as a slump in refining margins weighed on income. That helped offset any positivity from strong performances by fellow London-listed big names, HSBC and Pearson.
HSBC made strong gains after the banking giant revealed a nearly 10 per cent jump in profits. It came as bosses said it will reduce the number of senior banker roles over the coming months in a bid to reduce costs, as it moves “at pace” with a big restructuring announced last week. Shares in HSBC were up 3.1 per cent at the close.
Education publisher Pearson was another notable climber after sales were boosted by its continued push into artificial intelligence. The company saw shares rise by 4.3 per cent after it reported that underlying revenues grew by 4 per cent in the quarter to September.
Europe
On the Continent, Europe’s other main markets also finished lower, with the German Dax down despite a boost from Adidas after it received a settlement linked to its now-cancelled partnership with rapper Kanye West.
Europe’s main index – the pan-European Stoxx 600 – dropped 0.6 per cent, bruised by a handful of bleak quarterly results from industry majors such as BP, drugmaker Novartis and lender Santander, while caution also prevailed in advance of some crucial economic data.
Novartis stock fell 4 per cent as investors focused on the Swiss company’s lower-than-expected sales of a promising radiopharmaceutical, even as it raised its 2024 earnings guidance for the third time.
Travel and leisure was the worst-hit sector overall, as shares in German airline group Lufthansa slumped 5 per cent after it reported lower third-quarter operating profit.
New York
Wall Street’s main indices were mixed in choppy trading as investors assessed a host of corporate results and awaited Google-parent Alphabet’s earnings later in the day. The company’s shares gained 1.2 per cent in advance of results that were due after market close.
Other megacaps were mixed, with Nvidia rising 0.5 per cent, while Apple was flat and Tesla lost 1.5 per cent.
Vans parent VF Corp jumped 24.5 per cent after the company reported a profit for the first time in two quarters.
Ford slumped more than 8 per cent after the automaker said on Monday it expects to hit only the lower end of its annual profit forecast.
– Additional reporting: Agencies
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