European shares fell to their lowest close in two months on Monday, as cautious investors fled risky bets after US President Donald Trump said tariffs would hit all countries, fuelling fears of a global economic slowdown.
Dublin
The Irish index of shares fell on Monday, closing the session down almost 2 per cent as banking shares dipped and travel and leisure shares declined.
Bank of Ireland stock fell almost 1 per cent by the close, while AIB was down a more modest 0.34 per cent. Permanent TSB stock was 0.6 per cent lower.
Shares in Ryanair fell 5 per cent, hitting €18.62, as the travel sector dipped lower on indications of slowing demand in the United States. Hotels group Dalata shed 1.3 per cent.
Kingspan also ended the day lower, losing more than 3 per cent, while housebuilders Cairn and Glenveagh also saw their stocks dip.
Kerry Group was one of the few stocks in positive territory at the end of the day, gaining 0.7 per cent. Fellow food group Glanbia’s fortunes were not as bright, with shares down almost 3 per cent on the day.
London
British stocks closed lower on Monday, with the benchmark index hitting a one-month low, as investors avoided risky assets.
The blue-chip FTSE 100 fell 0.9 per cent, ending March 2.6 per cent lower after a 1.6 per cent rise in February. However, it jumped over 5 per cent for the quarter, its best since the fourth quarter of 2022, as investors have sought alternatives to US equities.
Britain hopes to negotiate a deal to avoid these tariffs, with prime minister Keir Starmer and Mr Trump discussing “productive negotiations” for a UK-US economic prosperity deal during a Sunday phone call.
Anglo American, Glencore, and Rio Tinto were among the biggest losers on the FTSE 100, falling between 2.8 per cent to 4.8 per cent.
The travel and leisure sector fell 3.4 per cent, with airline stocks including British Airways owner IAG and Wizz Air down 6.6 per cent and 5.9 per cent, respectively.
Among individual stocks, Burberry shares fell 4.2 per cent, dragging the midcap index, after HSBC cut its price target.
Pets at Home Group fell 8.5 per cent after warning of a fiscal 2026 profit plunge due to rising costs and weak demand.
Associated British Foods dropped 1.6 per cent after its fast fashion chain Primark’s head, Paul Marchant, resigned with immediate effect.
Europe
The pan-European STOXX 600 index fell 1.5 per cent, extending losses to a fourth straight session and recording its biggest daily decline in nearly three weeks.
Airlines dropped after Virgin Atlantic flagged signs of slowing demand in the United States. British Airways owner IAG was among the biggest STOXX 600 decliners, falling 6.6 per cent.
On the day, all major European sectors closed lower or flat. The basic resources sector led declines with a 3.3 per cent loss and touched its lowest level since December 2020.
Fortnox leapt more than 33 per cent, after the company said its largest owner, First Kraft, and private equity group EQT had made a joint cash offer that valued the Swedish accounting software firm at around 55 billion crowns (€4.99 billion).
New York
The S&P 500 and the Nasdaq fell on Monday, with technology stocks leading declines, as investors steered clear of risk-laden assets on worries the Trump administration’s upcoming tariff plans will hurt economic growth.
By 11.43am ET, the Dow Jones Industrial Average edged up 0.25 per cent to 41,688.71, helped by gains in UnitedHealth and Home Depot.
The S&P 500 lost 27.28 points, or 0.49 per cent, to 5,553.66, and the Nasdaq Composite fell 240.50 points, or 1.39 per cent , t,17,081.65.
Drugmakers’ shares slid after reports the U.S. Food and Drug Administration’s top vaccine official had been forced to resign. Moderna dropped 8.7 per cent, while Pfizer fell 0.9 per cent.
Gene therapy companies Taysha Gene Therapies and Solid Biosciences fell 25 per cent and 11.7 per cent, respectively.
Declining issues outnumbered advancers for a 1.53-to-1 ratio on the NYSE and a 2.34-to-1 ratio on the Nasdaq. – Additional reporting: Reuters
