Wednesday 22 January 2020

Investors eye interest rate cues

Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Traders work on the floor of the New York Stock Exchange. Photo: Reuters

European stocks slid yesterday, following the biggest two-day gain since April, as investors awaited central bank cues on the interest-rate outlook.

Carlsberg dropped 3.8pc after the brewer cut its full-year earnings forecast. Balfour Beatty tumbled 7pc in London after rejecting an increased bid by Carillion.

Infineon Technologies fell 2pc as it nears an agreement to buy a US-based semiconductor company. Heineken jumped the 
most in almost five years after reporting first-half profit that exceeded analysts' estimates.

The Stoxx Europe 600 Index retreated 0.3pc to 334.43 by lunchtime in London, with 16 of its 19 industry groups down.

The Iseq Overall Index was trading down 33.97 points, or 0.7pc, by lunchtime at 4,661.25.

Movers included aggregates giant CRH, which was 1.8pc, or 33 cent lower, at €17.46. Ryanair was down 1.4pc at €6.76.

Shares in dairy group Glanbia were up over 2.1pc, or 25 cent. It delivered a 10pc rise in first-half revenue and an 11.5pc rise in EPS.

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