Global stocks edged higher as US President-elect Donald Trump’s nomination of Scott Bessent as Treasury secretary boosted sentiment. Mr Trump ended weeks of speculation when he named his choice late on Friday, with some investment strategists saying Mr Bessent could take measures to restrain further government borrowing, even as he follows through on fiscal and trade campaign pledges.
Dublin
The Iseq Overall Index showed marginal gains on Monday, rising 0.23 per cent as it tracked its European counterparts.
But gains in travel and leisure stocks were offset by a decline in banking shares, as AIB lost 2.8 per cent over the session and Bank of Ireland declined a quarter of a per cent. Insurer FBD also fell, shedding 0.8 per cent by the close of the session.
Construction stocks also declined, with insulation specialist Kingspan down 0.2 per cent, and homebuilders Glenveagh and Cairn also losing value over the day.
On the opposite end of the scale, Ryanair shares gained 2 per cent, while hotels group Dalata added 0.46 per cent. Ferries group Irish Continental climbed 3.7 per cent to €5.62.
London
The UK’s FTSE 100 touched a one-month closing high on Monday, rising 0.4 per cent.
Kingfisher shares tumbled 13.2 per cent, the biggest decliner among the FTSE 100 components, after it warned of a £45 million hit to 2025/26 profit from tax raising measures in government budgets in both the UK and France.
Shares of heavyweight commodities players Glencore, Anglo American and Rio Tinto rose between 1.3 per cent-2.4 per cent as copper prices rebounded. In contrast, precious metal miners dropped 2 per cent, tracking a 3 per cent slump in gold prices.
Energy stocks such as BP and Shell also dipped as crude prices retreated.
The midcap FTSE 250 index advanced 0.8 per cent to hit a near one-month closing peak.
Shares in ITV jumped 8.6 per cent after Sky News reported that the British broadcaster behind “I’m a Celebrity… Get Me Out of Here” and “Coronation Street” could be a takeover target for a team led by CVC Capital Partners.
Europe
Europe’s main stock indices slipped back from a two-week high as gains were limited by a slump in energy stocks, while market sentiment remained optimistic following the nomination of the new US Treasury Secretary and encouraging remarks from the ECB’s chief economist regarding monetary policy easing.
The pan-European STOXX 600 edged up 0.1 per cent at 509.18 points. It hit a two-week high earlier in the session and logged three consecutive sessions of gains.
Italian bank UniCredit dropped 4.7 per cent after launching a surprise all-share offer worth €10 billion for smaller domestic rival Banco BPM, which climbed 5.5 per cent.
Shares of Commerzbank fell 5 per cent, as investors assessed the impact of Unicredit’s Banco BPM deal on the German lender’s likely buyout offer.
UniCredit CEO Andrea Orcel said any Commerzbank bid would come after the Banco BPM deal.
Meanwhile, luxury stocks were one of the biggest boost to the STOXX 600, gaining more than 1.5 per cent. It lost 5 per cent in the past four weeks.
US
Wall Street’s main indices climbed on Monday, with the small-cap Russell 2000 index hitting an all-time high after Bessent’s nomination as Treasury secretary and focus turned to ongoing discussions for a Middle East ceasefire.
Markets also focused on talks of a ceasefire deal between Israel and Lebanon. Oil prices slid, dragging the Energy index lower 1.5 per cent.
At 12.12pm in New York the Dow Jones Industrial Average rose 319.86 points, or 0.72 per cent, to 44,616.37, the S&P 500 gained 12.27 points, or 0.21 per cent, to 5,981.61 and the Nasdaq Composite gained 40.07 points, or 0.21 per cent, to 19,043.72.
Macy’s fell 3 per cent after the department-store operator delayed the publication of its third-quarter results due to an accounting issue.
Bath & Body Works raised its forecast for full-year adjusted profit, sending the retailer’s shares up 15.5 per cent. Additional reporting: agencies
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