European shares advanced on Friday, with Germany’s DAX index closing at an all-time high, as signs of easing global trade war relieved investors as they eyed talks between the US and China over the weekend.
The pan-European Stoxx 600 index ended 0.4 per cent higher. Frankfurt’s DAX index climbed 0.6 per cent.
DUBLIN
The Iseq All-Share index rose 0.4 per cent to 10,883.69. Banking stocks were mixed. Bank of Ireland added 1.3 per cent to €11, as sector followers digested some solid quarterly earnings reports from the industry in Europe.
AIB ended the session flat at €6.25, having put in a strong performance earlier in the week, before the bank bought back €1.2 billion of shares from the Government. PTSB ended the session of 0.9 per cent at €1.70.
Housebuilders advanced, with Cairn Homes up 0.7 per cent at €2.07, while Glenveagh Properties inched 0.2 per cent higher to €1.65. Davy raised its earnings estimates for Cairn and reiterated its outperform rating on the stock on Friday.
Ryanair dipped 0.5 per cent to €22, unable to glean much supporter after Aer Lingus owner IAG reported a better-than-expected first-quarter profit and maintained its outlook for 2025.
LONDON
UK equities closed higher, as investors assessed fresh comments from US president Donald Trump regarding tariffs on China ahead of a key weekend meeting between the two countries, with energy and mining stock providing further boost.
The blue-chip FTSE 100 rose 0.3 per cent. Trump said in a Truth Social post that Beijing should open up its market to the US and that 80 per cent tariffs on Chinese goods “seems right”. The levies are currently at 145 per cent.
Heavyweight BP rose 4.7 per cent, the top gainer in the FTSE 100 index, after a Financial Times report said Shell, Chevron, Exxon Mobil, TotalEnergies and ADNOC have “run the numbers” for a possible takeover of the oil major.
Precious metal miners led the sectoral gains with 2.1 per cent rise after gold rose over 1 per cent.
IAG gained 2.4 per cent on the back of the airline group’s quarterly report.
Travis Perkins jumped 6.9 per cent to the top of the midcap index after the building materials supplier appointed Gavin Slark, former chief executive of Dublin-based Grafton Group, as its new CEO.
EUROPE
Automobiles, susceptible to tariffs-related headlines, rose 0.8 per cent and was among the best-performing sub-indexes for the week.
The Stoxx 600 clocked its fourth straight weekly advance, making modest gains of 0.2 per cent in a busy week that saw the US Federal Reserve hold rates and the Bank of England deliver a quarter-point rate cut.
Among individual stocks, Commerzbank rose 4 per cent after the German lender posted a surprise profit growth in the first quarter.
Mediobanca rose 5.4 per cent after its quarterly profit beat market forecast amid the investment bank’s attempts to fend off an unsolicited bid from smaller rival Banca Monte dei Paschi (MPS).
Shares in Bavarian Nordic jumped 6.1 per cent after the Danish biotech firm’s first-quarter revenue beat market expectations.
NEW YORK
US stock index futures were subdued in early afternoon trading, after a rally in the previous session.
“Yesterday’s price action suggests that investors are eager for good news and react positively – even if the news isn’t that great ... it’s all in how it’s delivered,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Fed chair Jerome Powell said on Wednesday the economy was in good shape, but acknowledged the heightened risks of inflation and unemployment and that it was unclear what the appropriate monetary policy response was at the moment.
Pinterest climbed a day after it forecast current-quarter revenue above estimates.
Expedia slipped after the online travel platform missed quarterly revenue estimates.
- Additional reporting, Reuters
