European stocks rise amid falling interest rates – The Irish Times

Major European markets continued their recent period of strength as business sentiment remained calm amid cooling interest rate expectations and the end of the latest earnings season.

DUBLIN

The Irish equity index fell more than 1.2%, bucking the broader European trend. Banking stocks were mixed, with AIB down 0.8% at €2.82, while Bank of Ireland was largely flat at €7.28. The permanent TSB closed at €1.73, down nearly 0.6%. Packing group Smurfit Kappa was down half a percent, while Kingspan gave up some of last week’s gains, to close almost 5 percent lower at €60.96. Paddy Power owner Flutter Entertainment fell nearly 3% to close the day at €129.90.

LONDON

Buoyant healthcare stocks helped boost the FTSE 100 on Monday, with the recent purple patch helping lift the index to its highest close in two months. London’s top index ended the day up 67.13 points, or 0.92%, at 7,385.17.

The FTSE also benefited from the weak pound ahead of crucial weakness in economic data and details of potential tax hikes and spending cuts from the new UK government. The pound was down 0.92% against the dollar at 1.173, and 0.71% against the euro at 1.134 at the close.

In business news, events and subscription company Informa rose after raising its full-year earnings outlook amid strong demand for in-person and online events. The FTSE 100-listed company said it was raising its revenue forecast by around £100m and earnings by £15m for the full year. The company closed 31.8p higher at 584.4p on Monday as a result.

Meanwhile, fashion company Joules had its shares suspended after it filed a notice of appointment of directors on Monday, putting 1,600 jobs at risk. The company went public with a valuation of £140 million in 2016.

Pantheon Resources fell in value after reports that short seller Muddy Waters had bet against the AIM-listed company.

EUROPE

European stocks closed higher on Monday on positive updates from companies such as Germany’s Infineon and Britain’s Informa, as investors positioned themselves for a host of data including expected inflation and flash GDP. this week. The pan-European STOXX 600 index rose 0.1% near 11-week highs.

The German Dax gained 0.6%. Infineon shares soared 7.8% to top the index after the chipmaker raised its long-term financial targets and announced plans for a new €5 billion factory in Dresden to expand its production capacity by 300 mm.

Among other stocks, Roche Holding slid 4% to weigh the most on the STOXX 600 after its Alzheimer’s disease drug candidate was not shown to significantly slow the progression of dementia in two drug trials. Rheinmetall climbed 6.7% after the military equipment maker agreed to buy Spanish explosives and ammunition maker Expal Systems for an enterprise value of 1.2 billion euros.

NEW YORK

U.S. stocks rose after Federal Reserve Vice Chair Lael Brainard said it would be appropriate “soon” for the central bank to slow its pace of interest rate hikes, signaling to some investors that it was in favor of a rise of half a point from next month. The S&P 500 rose after faltering for most of the session. The tech-heavy Nasdaq 100 also gained after falling 1.3% earlier in the session.

Meanwhile, U.S.-listed Chinese stocks extended their rally to a third day, after Joe Biden and Xi Jinping called for reduced tensions between the world’s two largest economies at a meeting in Bali. , in Indonesia.

The DAX index, the main benchmark for German equities, rebounded 20% from its September low. It was poised to enter a bull market as investors bought stocks on optimism that China was easing Covid restrictions and its relationship with the United States was improving.

Cryptocurrencies surged on Binance Holdings’ plans to create a recovery fund to stabilize the industry after FTX’s bankruptcy caused market-wide losses of around $200 billion last week .

Stephen V. Lee