Stocks edge lower on US debt deal anxiety

The Iseq index fell 1.2 per cent, broadly in line with its European peers, on a quiet trading day characterised by middling volumes.

Greencore, one of the only Irish names to publish results on Tuesday, added 4.5 per cent in London after surprising investors by sticking to its full-year earnings guidance.London’s blue-chip FTSE 100 index slipped 1.4 per cent on Tuesday as falling crude prices dragged oil majors lower and consumer staples declined on rising recession risks.

Shares in aerospace and defence giant Rolls-Royce tumbled by more than 3 per cent after the Indian government filed a legal action against the company alleging “criminal conspiracy” in the procurement and licensed manufacturing of 123 advanced jet trainers.The pan-European Stoxx 600 index was off by almost 1 per cent while the blue-chip Stoxx 50 fell by more than 0.6 per cent.

Moving in the opposite direction, shares in bailed out German gas supplier Uniper soared more than 14 per cent after reporting that it now expects strong earnings recovery and no additional losses related to the replacement of Russian gas volumes.A rally in some of the world’s largest technology companies drove gains in US stocks as Treasury yields fell on hopes that Congress will pass a debt-ceiling deal to head off a default.

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