Friday 21 October 2016

Markets dips as investors digest data and await Fed rate decision

Published 12/09/2015 | 02:30

Traders work on the floor of the New York Stock Exchange September 11, 2015. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange September 11, 2015. REUTERS/Brendan McDermid

Global stock markets finished the week with a case of the jitters as investors await next week's all-important rate decision from the US Federal Reserve.

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"With a week to go until the Fed makes its decision, markets are likely to remain on edge with volatile moves possible in either direction," said Jasper Lawler, market analyst at CMC Markets.

Crude oil prices fell about 3pc yesterday after Goldman Sachs slashed its price forecast through next year. And US consumer sentiment in September fell to its lowest in a year, also weighing on Wall Street.

The pan-European FTSEurofirst 300 index declined 0.70pc and MSCI's all-country world stock index slipped 0.39pc.

The ISEQ Overall Index fell along with other European indices, shedding 0.67pc, or 43.70 points, to finish the day at 6,451.06.

Building materials giant CRH fell 1.3pc to €26.04, while dairy group Glanbia declined 1.1pc to €17.47. Travel software firm Datalex fared poorly in the session, dropping 4.5pc, or 10 cent, to €2.10.

Ryanair declined 0.7pc to €13.60, while packaging group Smurfit Kappa held its ground, nudging up 0.4pc to €26.67.

The UK's FTSE-100 lost 0.6pc to close at 6,117.76. Germany's DAX was off 0.85pc, while France's CAC-40 lost 1.04pc.

In the UK, Taylor Wimpey the residential housebuilder, fell 0.8pc, as did real estate firm British Land Company, which declined 1.7pc.

Those declines followed the publication of two surveys on Thursday saying that British house prices rose strongly in August, pushed up by a lack of property coming onto the market.

Norwegian firm Telenor and Sweden's TeliaSonera called off a planned merger of their Danish operations having failed to agree terms with the European Commission.


Irish Independent

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