Battered by weeks of elevated oil prices and government bond yields, European investors had pinned their hopes \u2060on corporate earnings to breathe life into equities, but results have been uneven so far. <\/p>\n
Now, on Wednesday, hotter-than-expected inflation readings in the US have revived fears of higher interest rates. <\/p>\n
The news sent Wall Street lower following a rally in shares among European technology firms earlier in the day, led by chipmaking equipment group ASML.<\/p>\n
Dublin<\/p>\n
The Iseq All-Share index fell by 0.9 per cent to close at 14,084.62 on Wednesday afternoon.<\/p>\n
Kerry Group continued its advance, with shares up 0.8 per cent to \u20ac91.30. Since the beginning of the week, its shares have risen more than 4 per cent.<\/p>\n
The next biggest riser in the day was property developer Glenveagh, which saw its price up 0.6 per cent to \u20ac2.35, followed by Glanbia, which was up 0.6 per cent to \u20ac20.10.<\/p>\n
Larger losses were recorded by companies at the other end of the index, with shares in Ryanair down by almost 2.7 per cent to \u20ac22.10.<\/p>\n
Gene Murtagh\u2019s Kingspan group saw its share price fall by close to 1.5 per cent to \u20ac101.50, while Mincon Group slipped one per cent to \u20ac0.99.<\/p>\n
London<\/p>\n
The FTSE 100 ended up 0.7 per cent at 10,724.86 on Wednesday, lifted by consumer and defence stocks.<\/p>\n
Among consumer staple firms to rise were Unilever and Burberry, which gained 2.5 per cent and 3 per cent respectively. British American Tobacco was up 0.7 per cent, while spirits maker Diageo was up 1 per cent.<\/p>\n
Elsewhere, following a call from activist investor Ancora for a strategic review, the self-storage firm Big Yellow rose 5.4 per cent. <\/p>\n
Financial services firm Admiral slipped 2.6 per cent after Peel Hunt \u200ccut its price target, warning \u2060the insurer\u2019s UK motor policy growth could slow as it raises rates to protect margins.<\/p>\n
Defence products maker Chemring climbed 2.4 per cent after its Roke unit secured a partnership with a major US contractor, including an \u200binitial $16 million order and a minimum $170 million (\u20ac152 million) agreement over five \u200byears.<\/p>\n
Europe<\/p>\n
European shares notched slim gains after robust earnings from ASML reassured investors concerned about AI demand.<\/p>\n
The pan-European STOXX 600 index gained 0.43 per cent to 637.75 points on Wednesday. The healthcare index was the biggest gainer on the benchmark, rising 2.3 per cent to hit its highest since early September.<\/p>\n
Shares of semiconductor firm ASML rose 1.2 per cent after it said customers were already \u200blooking to place orders for its advanced chipmaking tools for 2029 and 2030, illustrating that demand remains sturdy.<\/p>\n
Among other movers, Orsted dropped 3.9 per cent following a report by Bloomberg News that the US \u200cwould re-evaluate the permit for its \u2060wind farm near Rhode Island.<\/p>\n
New York<\/p>\n
Wall Street stocks fell on \u200bWednesday after data showed US consumer prices rose more than expected last month, reinforcing expectations the Federal Reserve may raise interest rates as soon as this month.<\/p>\n
US Labour Department data showed the core consumer price index was up 0.3 per cent in September versus economist expectations for a rise of 0.2 per cent. On \u200ban annual basis, core CPI, which strips out food and energy prices, rose 2.6 per cent, above forecasts for a rise of 2.5 per cent. The headline rate \u2060rose 3.7 per cent, above estimates for a rise of 3.6 per cent.<\/p>\n
On Wall Street, all three indexes were trading lower with technology and industrials driving losses while healthcare, consumer staples and energy stocks were higher.<\/p>\n
In early afternoon trading, the Dow Jones was down 0.3 per cent, the S&P 500 fell 1.1 per cent and the Nasdaq was 1.62 per cent lower.<\/p>\n
Large US banks reported earnings on Wednesday, with Bank of America declaring profits fell in the third quarter and Morgan Stanley showed it beat expectations for its third-quarter \u200cprofit thanks to strong equity \u2060trading.<\/p>\n
The S&P 500 technology index traded at a two-week low, as chip stocks came under pressure again. They lost ground on Tuesday after reports pointing to progress in chip design by China\u2019s CXMT fuelled competition concerns.<\/p>\n
Shares of Intel and Micron fell 2.6 per cent and one per cent, respectively, while Nvidia slipped 1.7 per cent. <\/p>\n
Most \u2018Magnificent Seven\u2019 stocks declined, barring Alphabet and Apple, which rose 0.2 per cent and 0.9 per cent, respectively. \u2013 Additional reporting Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"Battered by weeks of elevated oil prices and government bond yields, European investors had pinned their hopes \u2060on…\n","protected":false},"author":2,"featured_media":654702,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[936,8114,2414,28515,72,6424,3057,113,65701,47079,21444,1711,61,13321,60,56113,33179,18253,2395,7389,233,90081,1899,22358],"class_list":["post-654701","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-apple","tag-asml","tag-bank-of-america","tag-burberry","tag-business","tag-diageo","tag-dow-jones","tag-economy","tag-ftse","tag-glanbia","tag-glenveagh-homes","tag-google","tag-ie","tag-intel","tag-ireland","tag-iseq","tag-kerry-group","tag-kingspan","tag-morgan-stanley","tag-nasdaq","tag-nvidia","tag-orsted","tag-ryanair","tag-unilever"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/654701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=654701"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/654701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/654702"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=654701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=654701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=654701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}