Global markets subdued as investors await interest rate announcements

Global markets were generally subdued on Tuesday, as investors await interest rate announcements from the Federal Reserve, the Bank of England and the European Central Bank this week. All three are expected to hold rates steady.

Dublin

Euronext Dublin was down on Tuesday, as the Iseq All Share fell by 0.44 per cent to close at 8,481.85.

It was a mixed day for the Irish banks, as AIB fell by 2.46 per cent to close at €3.81, while Bank of Ireland gained 0.34 per cent to €8.19. Permanent TSB closed at €1.58, after falling by 1.25 per cent on a day when it announced new appointments to its board.

Among other stocks, Ireland’s two listed home builders both fell. Cairn Homes lost 3.37 per cent to close at €1.26, while Glenveagh Properties fell by 1.21 per cent to €1.15.

Meanwhile, building materials company Kingspan lost 0.53 per cent, to close at €74.82.

Food company Kerry Group lost 0.59 per cent on Tuesday to close at €73.72, having announced a €150 million acquisition. Glanbia rose by 0.95 per cent to €15.92.

Paddy Power parent company Flutter Entertainment fell by just under 1 per cent on the day, to close at €152.65, while fellow Iseq heavy hitter, packaging giant Smurfit Kappa, lost 1.27 per cent to close at €35.09.

Among the few stocks on the Irish market that saw gains on the day was Ryanair, which rose by 1.45 per cent to close at €18.54. Also on the up, Dalata Hotel Group gained 0.70 per cent to close at €4.30.

London

In London, trading was flat by closing on Tuesday, as official data showed British wage growth slowed more than expected in the three months to the end of October, but pay is probably still increasing too quickly to persuade the Bank of England to cut interest rates any time soon.

The exporter-heavy

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