Global stocks retreated from all-time highs on Friday and US government debt yields jumped after unexpectedly strong US monthly jobs data doused hopes the Federal Reserve would soon follow euro zone and Canadian interest rate cuts.Euronext Dublin finished the day down 0.3 per cent, which was largely in line with international peers.
Smurfit Kappa slipped 1.2 per cent even after US paper packaging group WestRock caved in to giving additional details on its $25 billion-plus merger with the group to lower the risk of it being delayed by litigation.The FTSE 100 finished 0.48 per cent as London’s markets they were dragged down by weak commodity firms after a slip in metal prices.Housebuilder Bellway inched lower despite it saying falling inflation and improving consumer confidence helped push up its sales this spring.
Saga was among the day’s notable fallers after the retirement and cruises specialist was downgraded by analysts at Peel Hunt. Euro zone bonds were also lacklustre on Friday, with Germany’s 10-year Bund yield rising 8 bps to 2.619 per cent.Wall Street’s main indexes dropped after a much stronger-than-expected employment report signalled that the labour market remains robust, dimming hopes of a September start to policy easing by the US Federal Reserve.
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