Stocks rally and investor anxiety eases after lower than expected US inflation data

Food group Glanbia was among the few fallers, easing back 0.7 per cent to €10.90, while AIB slipped 0.3 per cent to €3.05 and Bank of Ireland shed 1.1 per cent to €7.31.The UK’s main stock indexes closed at near two-month highs, with the FTSE 100 rising 1.1 per cent, although a rally in the pound checked further gains in the exporter-heavy blue-chip index. The domestically focused mid-cap FTSE 250 index jumped 3.9 per cent to post its biggest percentage gain in eight months.

Power company Centrica climbed 7.4 per cent after it forecast its annual adjusted earnings per share outlook to be at the top end of analysts’ expectations, and announced a share buyback of up to 5 per cent of its share capital. The Stoxx 600 index is now on track for its fourth straight week of gains, as hopes of a less aggressive stance by the US central bank in its fight against inflation and a better-than-expected earnings season offset worries of a recession in Europe.

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