Monday 24 September 2018

Banks push European shares higher

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)

Reuters

European shares inched up yesterday as banks gained, although trade-exposed sectors like cars suffered after US president Donald Trump raised the stakes in the trade dispute with Beijing.

The pan-European STOXX 600 index added 0.48pc near the close, after ending on Friday just above its lowest close since early April.

Last week, Mr Trump warned he was ready to impose tariffs on virtually all Chinese imports, threatening duties on another $267bn of goods on top of $200bn worth set for levies in coming days.

"The looming likelihood that the week will see the further ramping up of the US-China trade war - with Trump potentially enraged by the news that China's trade surplus with the US hit a record high in August - led to a quiet start to Monday," said Spreadex analyst Connor Campbell.

In Ireland, the Iseq Overall Index slipped 0.18pc. Movers included Bank of Ireland, which rose 2.6pc to €7.38.

Financial services group IFG was 2.9pc higher at €1.60. Ryanair fell 2.4pc to €13.20, while baked goods firm Aryzta fell 5.1pc to €7.67.

In the UK, the FTSE-100 was flat for the session. France's CAC-40 was 0.38pc ahead, while Germany's DAX rose 0.31pc.

Luxury goods maker Richemont rose 1pc as the Cartier-maker appointed Jerome Lambert CEO and posted a 10pc rise in five-month sales.

"His appointment is likely to be welcomed amid some investor concerns about a long-term successor at the group," said Kepler Cheuvreux analyst Jon Cox, affirming a buy rating on the stock.

Irish Independent

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