Concerns over China’s economy and US interest rates keep markets down – The Irish Times
European stocks fell to a six-week low as global risk sentiment inflated worries about a more aggressive US Federal Reserve and the spread of Covid in China, outweighing optimism over the country’s election victory. French President Emmanuel Macron. US stocks pared losses ahead of a busy week for Big Tech earnings.
The Iseq index in Dublin fell more than 1.5%, with banks among the big stocks leading the fall.
BAI ended the session nearly 2.9% lower at €2.02, while Bank of Ireland was down 1.1 percent to €6.69. Financial services stocks struggled across Europe on macro concerns.
Travel stocks suffered badly. Irish Continental Groupthe owner of Irish Ferries, fell nearly 4% to €3.65, while Ryanair fell more than 1.7% to €14.40.
Commodity stocks and banks dragged London’s FTSE 100 down nearly 2% on Monday as fears of a global economic slowdown sapped sentiment. The domestically focused mid-cap FTSE 250 index ended down 1.4% after hitting its lowest level since March 16.
The oil majors BP and Shell lost 6.2% and 5.2% respectively, and the industrial mining sub-index fell 5.6% on concerns that prolonged Covid-19 shutdowns in China could weigh on demand for metals and minerals. crude oil.
Banks fell 3.2% as lenders focus on Asia HSBC Holdings and Standard charter beat their results this week.
McColl Retail Group fell 53.1% as the British convenience chain forecast a tepid full-year core profit after a weaker-than-expected Easter performance marred by lower consumer spending and supply chain disruptions. The struggling retailer said it was in bailout talks with banks and lenders to secure more money, but the financing would likely wipe out most of the stock’s value.
Activist investor Cat Rock Capital encouraged Just eat take out. com shareholders to elect the company’s chief financial officer to the board next week. Cat Rock holds a nearly 7% stake in the company. The shares rose 0.6%.
The Stoxx 600 Europe index fell 1.8% at the close, the lowest since March 15. China-exposed sectors such as mining, oil and gas and luxury stocks were among the main decliners as fears grew that Beijing was set to join Shanghai in pandemic-related lockdowns.
Miners had their worst session in two years as prices for industrial metals fell on concerns over falling demand from the major consumer of the metals, while oil and gas stocks fell 4.8%. The banking index lost 3%.
France’s CAC 40 fell 2%, caught in a broader risk move, even as Sunday’s election results showed pro-EU centrist Emmanuel Macron beat far-right challenger Marine Le Pen with a solid margin.
Royal Philips NV Shares fell 11% to their lowest since 2016 after operating profit missed analysts’ estimates as the Dutch medical device maker warned of continuing supply chain challenges and said that inflationary pressures could persist for years.
All major S&P sectors fell, with energy stocks falling 5.6% as Brent prices fell nearly 5% toward $100 a barrel. The oil majors Chevron and ExxonMobil fell more than 4% each, while oil service companies Schlumberger and Halliburton fell by almost 9% each.
Other economically sensitive sectors such as materials, financials and industrials were also affected, falling nearly 2%.
Twitter rose 3.9% after sources told Reuters it was set to accept Tesla Inc chief Elon Musk’s ‘best and last’ offer of $54.20 a share in cash .
Silicon Motion Technology jumped 10.2% after a report said the chipmaker was considering a sale.
(Additional reports: Bloomberg/Reuters/PA)