| 15.8°C Dublin

Markets report: Euro slides but shares up


Willie Walsh (Picture Credit: Tom Burke)

Willie Walsh (Picture Credit: Tom Burke)

Willie Walsh (Picture Credit: Tom Burke)

The euro slid to the weakest level since 2003 yesterday as reports showed Europe's economic growth outlook diverging from the US as the European Central Bank (ECB) prepares to add more monetary stimulus through bond purchases.

The euro fell for a fifth day as traders waited for the ECB to provide more details on its quantitative-easing strategy at a meeting today. Services growth in the euro area fell short of analysts' estimates last month. In Dublin, shares snapped a two-day losing streak and were hovering close to the psychologically important 6,000 mark in afternoon trading.

Among the winners were Irish Continental, amid hopes of more visitors from the UK, and Allied Irish, which reports results today.

Losers included Aer Lingus as investors await a meeting between IAG's Willie Walsh and Aer Lingus unions tomorrow.

Shares also advanced in Europe helped by a rally in banks.

Indo Business