Global stocks edged lower in choppy trading on Tuesday as markets awaited further appointments to the incoming White House administration, while oil prices eased as tensions rose between Russia and the United States over Ukraine.
Dublin
Euronext Dublin closed down 1 per cent on what was a sluggish day for the market with limited volumes traded.
One trader described it as “risk averse” day of trading, with few buyers around as investors eyed incoming results from chipmaker Nvidia in the United States after close of business.
Energy group Greencoat Renewables was the standout performer in Dublin as it climbed 2 per cent, rebounding from recent lows.
On the downside, agricultural services group Origin Enterprise finished the day down 2.8 per cent. Also finishing in the red was Ires Reit – the biggest landlord in the State – which sank 2 per cent.
Among the financial names, AIB and Bank of Ireland were each down 1.5 per cent, while, elsewhere, insulation specialist Kingspan also closed down 1.5 per cent.
London
Across the Irish Sea, stocks closed nearly flat after a choppy trading session, as investors avoided big bets ahead of a key inflation report.
The export-focused FTSE 100 closed 0.11 per cent lower, while the midcap FTSE 250 index pared early losses and ended higher by 0.17 per cent, aided by utilities stocks. The midcaps index touched a three-month low during the session.
The personal goods index led the declines with a 2.7 per cent fall, mostly affected by Burberry that slid 4.7 per cent. Mulberry Group fell 11 per cent after the luxury group reported a wider first-half loss than a year earlier, and said it was taking steps to streamline its operations and improve margins under new CEO Andrea Baldo.
Imperial Brands rose 3 per cent after reporting forecast-beating operating profit and said it expected another strong performance next year. The stock was among the top gainers on the FTSE 100.
Among others, Diploma’s shares fell 7.2 per cent to become the biggest loser on the blue chip index after the technical products and services provider missed annual revenue estimates.
In contrast, Vesuvius’s shares rose 9.3 per cent to the top of the midcap index after the steel and foundry specialist launched a share buyback scheme.
Europe
The continent’s main stock index fell to a three-month low as investors shifted from risky assets to safe havens amid heightened geopolitical tensions following Russia’s warning on its updated nuclear doctrine.
The pan-European Stoxx 600 dropped 0.7 per cent to its lowest level since early August. MSCI’s gauge of stocks across the globe was up slightly 0.15 per cent.
“The market’s movement appears to be driven by this morning’s news about changes to Russia’s nuclear doctrine,” said Michael Weidner, co-head of global fixed income at Lazard Asset Management.
New York
The S&P 500 and the tech-heavy Nasdaq edged higher, paring earlier losses as investors assessed Russia’s warning to the United States, and awaited quarterly results from AI-heavyweight Nvidia.
Stocks had slid in early trading after Russian president Vladimir Putin lowered the threshold for a nuclear strike in response to a broader range of conventional attacks earlier in the day, and Moscow said Ukraine had struck deep inside Russia with US-made long-range missiles.
All three major indexes opened lower and the benchmark index dropped as much as 0.64 per cent, while the Russell 2000 fell to its lowest since the US presidential election, as investors rushed to safe-haven assets such as government bonds and gold.
Nvidia, which reports third-quarter results on Wednesday, gained 2.7 per cent, boosting the information technology sector that buoyed the benchmark S&P 500.
Most megacap stocks such as Apple and Amazon also trended higher and lifted the Nasdaq.
Meanwhile, healthcare shares weighed on the Dow. The losses were limited by a 3.6 per cent gain in retail giant Walmart that hit a record high after it raised its annual sales and profit forecasts for the third consecutive time. – Additional reporting: Agencies
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