Markets subdued as data dents hopes of early interest rate cuts

Global markets were subdued on Friday as economic data from both the US and the euro zone showed that interest rate cuts may not be coming as soon as investors had hoped. In Dublin the Iseq All Share fell slightly but performed better than European peers. It finished 0.06 per cent off at 8,661.46.

Dublin

It was a good day for the banks, with AIB rising by 3.24 per cent to close at €4.21, while Bank of Ireland was 1.88 per cent higher on €8.88 and Permanent TSB gained 1.69 per cent to close at €1.80.

Ireland’s two listed home-builders also saw gains on the day. Cairn Homes finished 0.15 per cent ahead on €1.33 and Glenveagh Properties advanced by 0.65 per cent to close at €1.24. Building materials company Kingspan did not fare as well, shedding 1.97 per cent to close at €74.74.

Among the biggest index constituents, Paddy Power parent company Flutter Entertainment fell by 0.26 per cent to close at €154.55, while budget airline Ryanair saw its share price close at €18.35 after rising by 0.47 per cent.

Food company Kerry Group was 1.08 per cent weaker at €77.14, while peer Glanbia lost 0.73 per cent to finish at €14.86.

Among other fallers on the day packaging giant Smurfit Kappa gave up 1.81 per cent to €35.19, and Dalata Hotel Group ended the session 0.88 per cent down at €4.52.

On the upside insurer FBD Holdings gained 0.44 per cent to close at €11.40, and shipping and transport company Irish Continental Group rose by 2 per cent to €4.60.

London

The export heavy FTSE 100 Index fell by 0.45 per cent on Friday to close at 7,688.52, while the more domestically-focused FTSE Mid-Cap 250 Index was down 0.63 per cent to close at 19,249.77.

Figures from mortgage lender Halifax noted that British house prices rose in annual

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