Iseq lags slightly as European markets recover from Monday’s beating

European stocks rose from two-month lows on Tuesday as bargain hunters returned to buying stocks battered after a sell-off on concerns about a sharp slowdown in global economic growth.

But in the United States, Wall Street’s main indexes fell in volatile trading, dragged down by banks and some large-cap growth stocks, as investors worried about the prospect of aggressive monetary tightening.

Dublin

The Iseq index trailed many of its European peers with an anemic gain of less than 0.1 percent, held back by poor performance in real estate and bank stocks.

The largest hotel group in the country, dalata, fell sharply despite news that the government decided to extend the sector’s special 9 percent VAT rate until early 2023. Tourism industry lobbyists were seeking a longer extension. Dalata closed down 3.3 percent at 3.85 euros.

The two big banks IBA Y Bank of Ireland, also fell about 1 percent each. AIB closed at €2.04, while BoI dipped to €5.38, as the search for a successor to outgoing CEO Francesca McDonagh continues.

tulle oil it rose 3.6% to 0.65 euros per share.

London

The FTSE 100 rose, buoyed by health care and financial stocks, a day after concerns about recession risks, higher interest rates and prolonged Covid-19 lockdowns in China triggered a sell-off.

The FTSE 100 ended 0.4 percent higher, after falling more than 1.5 percent in each of the previous two sessions.

Bank shares gained 0.3 percent, after falling more than 2 percent on Monday, while life insurers rose 1 percent. drug manufacturers AstraZeneca Y GlaxoSmithKline were among the biggest gainers, while consumer staples stocks Unilever rose 1.8 percent.

London’s Heathrow raised its 2022 passenger forecast by 16 percent to nearly 53 million, boosted by vacationing tourists. That helped travel and leisure shares gain 0.3 percent.

Between the individual engines, Renishaw It fell 3.2% as the engineering company lowered its full-year profit forecast due to uncertainties in global trade and warned of a possible disruption to its business due to Covid-19 lockdowns in China.

Europe

The pan-European Stoxx 600 index rose 0.7 percent, with almost all sectors in positive territory.

Swedish Match jumped 24.9% after the US tobacco company. philip morris international said it was in talks to buy the smaller rival.

Agricultural and pharmaceutical company. Bayer jumped 5.4 percent after better-than-expected adjusted quarterly earnings on strong earnings at its seeds and pesticides business.

Norwegian aerospace and defense company Kongsberg Group it fell 18.9 percent after reporting a drop in earnings before interest, taxes, depreciation and amortization due to logistical challenges and component shortages.

french car manufacturer Renault Group fell 0.4 percent, retracing gains after China Geely car holdings agreed to acquire about 34 percent of Renault Korea Motors for 264 billion won (195 million euros)

New York

Heading into afternoon trading, eight of the 11 major S&P sectors had retreated, led by a 1.3% drop in financial stocks and a 2.4% drop in real estate stocks.

Banks fell 2.3%, with JP Morgan Chase and company It fell 2.4 percent to weigh more on the S&P 500 Index.

After rising as much as 2.8 percent earlier in the session, the tech-heavy Nasdaq was flat. Actions of Applegoogle owner Alphabet Y Microsoft increased by more than 1 percent each, while Amazon. com Y Tesla fell 0.6% and 0.2% respectively.

Novavax fell 6.6 percent after the vaccine maker revealed a sharp drop in funding for Covid-19 research in the first quarter and said it shipped less than a quarter of total vaccine deliveries scheduled for 2022. .

Interactive Platoon fell 13.4 percent as the fitness equipment maker warned the business was “under-capitalized” after posting a 23.6 percent drop in quarterly revenue. – Additional information: Reuters

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