Global stocks hover near monthly high as investors eye Fed minutes

Global stocks hovered near their highest in a month on Tuesday, drawing support from expectations that the US Federal Reserve could offer further hints of imminent interest rate cuts and easing recession worries.Euronext Dublin slightly underperformed relative to international peers as it finished the day down 0.8 per cent.

One of the few outperformers of the day was sandwich-maker Greencore, which climbed 80 basis points and attracted a number of buyers, according to traders. BT shares fell 6.4 per cent after Sky struck a broadband deal with CityFibre, one of the telecoms giant’s biggest rivals. Danni Hewson, head of financial analysis at AJ Bell, said the FTSE 100 was pulled down by its “heavy weighting towards oil stocks”.

Seven of the 11 major S&P sectors were trading lower, with energy taking the worst hit, down 2.4 per cent. Chip stocks too came under pressure with the Philadelphia Semiconductor index down 1.1 per cent.

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