US stocks lift markets up on better data

US stocks led equity markets around the globe to their highest in nearly two months after factory and housing data came in better than expected and oil prices rose. That was enough to offset jitters about manufacturing data across Europe and in China.

DUBLIN

In keeping with the general mood, Iseq constituents were largely positive with the index advancing fractionally, closing just over 19 points ahead over the session.

Independent News & Media, which reports later this week, was the most actively traded stock, adding 3.5 per cent to 16.4 cent. Total Produce, which is also producing results, was another to gain, finishing 6.34 per cent stronger, at €1.51.

Index heavyweight CRH, which reports on Thursday, was 1.16 per cent firmer, at €23.975.

Ryanair, the second largest stock in the index, did not fare so well, slipping just over half a percentage point to €14.205. That however paled against the 3.11 per cent slide in Paddy Power Betfair after an adverse ruling by Britain's gambling watchdog. The stock closed on €135.50.

LONDON

Britain’s top equity index rose as a possible counter-bid lifted shares in the London Stock Exchange, offsetting drops for Barclays, Ashtead and Glencore. The blue-chip FTSE 100 index rose 0.9 per cent to its highest in about two months.

Shares in the London Stock Exchange hit record highs, up 7.2 per cent, after Intercontinental Exchange said it was considering a counter-offer for the exchange, which is already in merger talks with Deutsche Börse.

That rise offset the negative effects of an 8.1 per cent slump for Barclays after the British bank reported lower profit, cut its dividend and announced a restructuring entailing the sale of its Africa business.

Shares in equipment rental company Ashtead dived by 8.8 per cent, with analysts citing concerns over a slowdown in the company's main US market. Glencore also dipped, with the mining and trading company's drop in full-year earnings serving to end a share-price rally that had lifted the stock by more than 40 per cent in the past month.

The FTSE 100 remains 1.4 per cent down since the start of the year and 14 per cent below an April 2015 record high.

EUROPE

European shares rose on Tueday, with the Eurostoxx 50 up 1 per cent. Car stocks were the biggest sectoral gainer, up 2.1 per cent, after the euro hit a one-month low against the dollar. Expectations grew of more stimulus from the European Central Bank following a weak euro zone manufacturing survey. The sector benefits from a weaker euro because that makes exports cheaper.

BMW was up 3.5 per cent, Peugeot and Fiat Chrysler were up 2.6 and 3.5 per cent respectively, while Volkswagen added 1.4 per cent.

Miners were among the top sectoral gainers as prices of industrial metals recovered.

NEW YORK

US stocks rallied, with the S&P 500 Index rebounding toward a two-month high, amid optimism on the economy and speculation that central banks will continue to provide stimulus to support growth.

Signs of steadier manufacturing, strong monthly sales from most major car-makers and easing concern over a global slowdown alleviated anxieties that have damped equities this year.

Ford Motors headed toward its strongest gain in almost two years after better-than-expected February sales.

The surge to begin March showed some similarities to the two-week rebound that trimmed February’s slide, with banks and technology companies providing the most lift.

JPMorgan Chase and Apple gained more than 3.9 per cent. Nine of the S&P 500's 10 main industries gained, with financial and technology shares rising more than 2.6 per cent.

Within consumer discretionary shares, retailers were strong, with Amazon.com and Tiffany up at least 3.5 per cent.

Wells Fargo rose 3 per cent while Bank of America and Citigroup climbed more than 4.4 per cent. – Reuters/Bloomberg