Global markets edged higher on Wednesday, with banks in particular, having a strong session ahead of an expected cut in interest rates by the US Federal Reserve.
Dublin
Euronext Dublin was largely in line with peers as it finished the day up 0.4 per cent off the back of strong performances from the banks. AIB and Bank of Ireland climbed 3.5 per cent and 3.2 per cent respectively.
It was a bad day for budget airline Ryanair, which was down 1.3 per cent at close of business with more than 58 million shares traded.
There was also red on the board for a number of the index’s other big hitters, with Cavan-based insulation specialist Kingspan down 0.7 per cent and food giant Kerry Group down 1.5 per cent.
RM Block
There was better news for the homebuilders, as Glenveagh Properties and Cairn Homes rose 1 per cent and 2.4 per cent respectively.
London
The UK’s benchmark index closed at a new high, marking its fifth straight record-breaking session, primarily driven by strong earnings forecasts from drugmaker GSK and retailer Next.
The British blue-chip FTSE 100 closed 0.6 per cent higher, taking its daily-winning streak to eight sessions, while the mid-cap FTSE 250 ended about 0.2 per cent lower.
GSK provided a significant boost to the benchmark index by gaining 6.5 per cent after the drugmaker raised its 2025 sales and earnings forecasts on strong sales of its speciality HIV and cancer medicines. The stock boosted the broader healthcare index, which rose 2.4 per cent.
The industrial metals and mining index was also a standout, climbing 3.3 per cent, to lead sectoral gains. Miner and trader Glencore rallied 5.6 per cent after reporting a rise in its third-quarter copper output.
Europe
On the continent, the Cac 40 in Paris closed down 0.2 per cent, while the Dax 40 in Frankfurt ended down 0.7 per cent.
The European Central Bank (ECB) is expected to keep interest rates on hold on Thursday, before focus moves to the final meeting of the year in December.
In Madrid, Banco Santander rose 4.3 per cent. The banking firm’s attributable profit rose 2.1 per cent on-year to €3.5 billion in the third quarter, leaving it on track to achieve its 2025 targets.
Meanwhile, Europe’s Airbus reported higher than expected third-quarter profits and revenues led by commercial jetliner deliveries and robust gains in helicopters and defence.
It reaffirmed its main financial and delivery targets but cut the production goal for its smallest model. It now aims to assemble 12 of the Canadian-designed A220s a month in 2026, down from a previous target of 14 a month in the same period.
Boeing earlier posted an adjusted third-quarter loss of $7.47 per share, compared with average expectations of a $4.59 loss, and took a near-$5 billion hit on its delayed 777X.
New York
US stocks rose to fresh peaks, as Nvidia became the first company to crack $5 trillion (€4.3 trillion) in market valuation, as investors waited for the quarter point rate cut that came from the Federal Reserve and a wave of results from tech heavyweights.
Shares of Nvidia rose 2.2 per cent, storming past the milestone, after CEO Jensen Huang announced $500 billion in AI chip orders and plans to build seven supercomputers for the US government.
The stock has risen more than 50 per cent this year, leading the AI rally on Wall Street. Apple and Microsoft topped $4 trillion in market cap on Tuesday, also on optimism about AI deals.
Results from Meta, Microsoft and Alphabet could make or break the AI trade that has been a primary driver of the record-breaking US stocks rally.
In early trading on Wall Street, the Dow Jones Industrial Average was up 0.6 per cent, the S&P 500 index was 0.3 per cent higher, and the Nasdaq Composite was up 0.5 per cent. – Additional reporting: Agencies
