Shares in shipping giant Maersk plunged 17 per cent after the company said it would cut 10,000 jobs and warned of a slowdown in world trade. Photograph: Yui Mok/PA Wire
‘Nothing ever keeps me up at night’: Gourmet Food Parlour owner on expansion and navigating adversityIceland pitches itself as a ‘digital suburb of Dublin’ in bid to secure data centre investments It was a strong day for banks, as AIB gained 2.76 per cent to €4.17, while Bank of Ireland rose by 2.43 per cent to €8.60. However, Permanent TSB fell by 1.58 per cent, to €1.87.
The UK medical equipment and services index was boosted by medical manufacturing company Smith+Nephew, which saw a 2.04 per cent gain after broker JP Morgan raised the stock to “overweight” – the equivalent of a buy recommendation, from “neutral,” the equivalent of a hold recommendation. European insurers declined after results from AXA and Swiss Re received a negative reaction. France’s AXA fell by 1.44 per cent, while Swiss Re was down 1.31 per cent.
Maersk slumped 16.93 per cent to the bottom of the STOXX 600 after the shipping group specified its 2023 outlook and announced a review of its buyback program.Wall Street’s main stock indexes gained on Friday after data pointing to slowing job growth and an uptick in the unemployment rate boosted investor expectations that the Federal Reserve was done with its monetary policy tightening campaign.