Global stocks fall on fears of higher interest rates for longer

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Irish agri-services group Origin Enterprises rose 3.5 per cent in Dublin after it said revenue rose last year

Among the food names, Glanbia came under some pressure throughout the day before finishing down 1.4 per cent. Dairy giant Kerry Group, meanwhile, closed up 0.6 per cent.

The group said UK sales tumbled 16 per cent in its final quarter, with poor weather compounding woes amid a worsening UK clothing market. Shares in Asos finished down 5.8p at 381p on Tuesday. Elsewhere, Videndum shares tumbled heavily after it told investors its revenues dropped almost a quarter over the first half of the year after it was knocked by the writers and actors strikes in Hollywood.

The pan-European Stoxx 600 index lost 0.56 per cent and MSCI’s gauge of stocks across the globe shed 1.01 per cent.Wall Street’s main indexes dropped as investors continued to grapple with the prospects of a prolonged restrictive monetary policy by the Federal Reserve and its subsequent impact on the economy.and Tesla lost between 0.8 per cent and 1.2 per cent.

 

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