Traders work on the floor of the New York Stock Exchange. US stock indexes inched lower after labour market data compounded worries about growing weakness in the economy, while profit-taking in some of Wall Street’s most popular stocks added to the losses. Photograph: Angela Weiss/Getty Images
Among the financial names, AIB and Bank of Ireland were down 3 per cent and 2 per cent respectively. Traders pointed to the expected cut in interest rates from the European Central Bank later this week as the root of the weakness. Among the other heavy hitters, Kerry Group was flat on the day, while insulation specialist Kingspan was down 0.5 per cent at close of business.Stocks reduced their losses early in the afternoon but dropped back before the close in the face of weak US jobs data.
The London-listed banking giant, which focuses its operations in Asian markets, said the claims are “fabricated” and underpinned by “false allegations”. Nevertheless, shares dropped by 5.31 per cent to 735.2p as a result. BP, Shell and TotalEnergies all slumped as oil extended losses from the lowest settlement in almost four months. Opec+’s plan to return barrels to the market earlier than expected raised concerns about oversupply.
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