Global shares edged higher on Tuesday, boosted by reports that the Trump administration could offer some relief from tariffs for certain industries and a rally in big bank stocks fuelled by positive updates from a trio of US lenders.
Dublin
Following up Monday’s 3 per cent gain, the Iseq index moved almost 2.3 per cent higher as the pillar banks jumped in line with similar moves in the US and Europe.
Bank of Ireland added nearly 3.9 per cent to close at €10.49 per share, while AIB advanced by 2.1 per cent to €5.76.
Ryanair closed up 2.2 per cent to €19.84 per share. The airline made headlines on Tuesday after chief executive Michael O’Leary warned that Ryanair could delay deliveries of Boeing aircraft if they become more expensive, setting up a battle between manufacturers and airlines over who will shoulder the costs from Donald Trump’s trade war.
Home builders Cairn Homes and Glenveagh gained further momentum, advancing 3.1 per cent and 2.8 per cent to close at €1.92 and €1.52 per share, respectively.
Shares in Uniphar, meanwhile, surged by 6.1 per cent to €2.75 while food groups Kerry Group and Glanbia both inched higher.
London
UK shares inched higher again as the benchmark FTSE 100 and mid-cap FTSE 250 closed up 1.4 per cent as US vice-president JD Vance expressed hope about a future UK-US trade deal.
The latest UK jobs report painted a mixed picture with the number of people on payrolls down for the first time in four years but real wages up 2 per cent year-on-year. Confidence around consumer purchasing power pushed the likes of B & Q owner Kingfisher up by 3.4 per cent while shares in Marks & Spencer jumped by 2.8 per cent and Tesco closed up 2.5 per cent.
Guinness-maker Diageo, meanwhile, shed more than 3.4 per cent, sinking to the bottom of FTSE 100 despite securing $1.5 billion in debt funding in the US, backed by a consortium of institutional investors.
Europe
European shares continued to rally on Tuesday, with the blue chip Stoxx 50 index closing up more than 1 per cent and the pan-European Stoxx 600 up 1.6 per cent from the previous close.
Dutch-headquartered automaker Stellantis continued to rally after Mr Trump signalled relief for the industry from tariffs. Shares in the Fiat and Chrysler-maker jumped 6.5 per cent while German auto giants BMW and Volkswagen advanced by around 2 per cent.
On the results front, French luxury giant LVMH posted disappointing first-quarter figures late on Monday as sales in its leather and fashion goods division fell by 5 per cent, confounding analysts’ expectations for growth. Shares in the Luis Vuitton owner tumbled by more than 7.4 per cent in trading, pushing the group’s market capitalisation down to €245.3 billion.
Hermès, the maker of Birkin and Kelly bags, dropped by just 0.4 per cent and overtook its fellow Paris-listed rival as the world’s largest luxury stable.
Gucci and Alexander McQueen brand owner Kering, meanwhile, fell by 4.8 per cent.
New York
US shares advanced for a third straight session with the S&P 500 up almost 1 per cent, the Nasdaq Composite ahead by 0.4 per cent and the Dow Jones Industrial Average up 0.2 per cent.
A rally in bank stocks pushed Wall Street’s main indices higher after Bank of America posted a record quarter while Citigroup inched closer to a key profitability target.
Boeing sank after Bloomberg News reported China had ordered its airlines not to take any further deliveries of the plane maker as part of the tit-for-tat trade war with the US.
High uncertainty surrounding US trade policy and a spike in financial-market volatility continues to unsettle investors, however, although the dollar and US bonds were steady on the session. Additional reporting: Bloomberg, Reuters
