Global markets headed higher on Wednesday as earnings season hit its stride and dovish comments from US Federal Reserve chairman Jerome Powell helped investors look past trade tensions between the United States and China. Traders in Dublin and London missed out on the generally upbeat mood.<\/p>\n
Dublin<\/p>\n
Euronext Dublin finished the day off 0.3 per cent on what was a muted day for the domestic market.<\/p>\n
Shares in mining company Kenmare Resources finished down 7.8 per cent after it said production of ilmenite \u2013 its most important mineral \u2013 will be towards the lower end of guidance this year.<\/p>\n
Housebuilder Cairn Homes was down 3.4 per cent at close of business, while peer Glenveagh Properties was 0.9 per cent weaker. \u201cCairn Homes got beaten up pretty badly,\u201d said a trader. \u201cThe spread between Cairn and Glenveagh has closed over the past while.<\/p>\n
\u201cCairn had results in early September and it has been a bit sluggish since then. It was holding up pretty well but it is hard to keep up at the level it was at.\u201d<\/p>\n
Elsewhere, budget airline Ryanair finished down 1 per cent after an analyst note from Morgan Stanley that urged caution on the sector.<\/p>\n
London<\/p>\n
The FTSE 100 also closed 0.3 per cent lower, despite a boost from Burberry, as investors mulled the outlook for the UK economy given the prospect of tax rises and spending cuts.<\/p>\n
Fashion group Burberry was a prominent FTSE 100 riser, up 3.4 per cent, albeit well below early highs.<\/p>\n
Bookmaker Entain fell 2.4 per cent with a lack of a guidance raise and ongoing fears of higher taxes on the gambling sector holding it back.<\/p>\n
The owner of Ladbrokes and Coral said net gaming revenue rose 6 per cent year-on-year, or 7 per cent at constant currency, in the third quarter. Excluding the US, it rose 4 per cent, or 5 per cent at constant currency.<\/p>\n
Entain said this was despite a one to two percentage point impact year-on-year from adverse sports results in September. It noted a hit from \u201ccustomer-friendly sports margins\u201d last month.<\/p>\n
Defence stocks also weighed, with Babcock International down 3.2 per cent and BAE Systems losing 2.7 per cent.<\/p>\n
Elsewhere in London, Pets at Home added 1.6 per cent, among the best FTSE 250 performers, while CVS Group added 0.7 per cent.<\/p>\n
Europe<\/p>\n
On the Continent, the Cac 40 in Paris closed up 2 per cent, while the Dax 40 in Frankfurt ended down 0.2 per cent.<\/p>\n
The pan-European Stoxx 600 index rose 0.62 per cent, while Europe\u2019s broad FTSEurofirst 300 index added 14.36 points, or 0.64 per cent.<\/p>\n
Lifting the Cac 40 were gains in luxury goods manufacturers, which shot up after LVMH\u2019s better-than-expected third-quarter results, which analysts said bodes well for a better luxury reporting season.<\/p>\n
Late on Tuesday, the Paris-based luxury brands holding company reported organic sales growth of 1 per cent in the third quarter to September, defying expectations for a similar-sized decline.<\/p>\n
In response, shares in LVMH soared 12 per cent in Paris. The feel-good factor in the sector saw Gucci owner, Kering, advance 5.2 per cent and Hermes climb 6.9 per cent in Paris.<\/p>\n
New York<\/p>\n
Wall Street\u2019s big indices rose, supported by solid results from Morgan Stanley and Bank of America that capped big-bank earnings, while semiconductor shares climbed on renewed enthusiasm over artificial intelligence.<\/p>\n
Morgan Stanley\u2019s shares hit a record high and were last up 5.5 per cent, while Bank of America rose 4.9 per cent after the top lenders beat Wall Street estimates for third-quarter profit on deal making strength.<\/p>\n
The S&P 500 banking index rose 1.9 per cent and was set to log its first three-day winning streak in more than three weeks. Meanwhile, its tech sector rose about 1 per cent, while communication services gained 1.1 per cent, and industrials declined 0.4 per cent. \u2013 Additional reporting: Agencies<\/p>\n","protected":false},"excerpt":{"rendered":"Global markets headed higher on Wednesday as earnings season hit its stride and dovish comments from US Federal…\n","protected":false},"author":2,"featured_media":82726,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[72,21443,21444,61,60,5781,123,1899],"class_list":{"0":"post-82725","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-cairn-homes","10":"tag-glenveagh-homes","11":"tag-ie","12":"tag-ireland","13":"tag-kenmare-resources","14":"tag-markets","15":"tag-ryanair"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/82725","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=82725"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/82725\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/82726"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=82725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=82725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=82725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}