European shares rise but stubborn inflation cap gains via IrishTimesBiz
Meanwhile, consumer price inflation in the 20 countries sharing the euro currency rose 8.5 per cent in February, compared with an increase of 8.6 per cent a month earlier on lower energy prices, but the reading was still above 8.2 per cent projected in a Reuters poll of economists.Dublin’s bourse outperformed its European rivals, rising 2 per cent to 8,393.
The blue-chip FTSE 100 lost 0.4 per cent, nearly erasing its Wednesday gains. Shares of HSBC fell 4.2 per cent, taking the broader banking index down 2.9 per cent as it traded without entitlement for dividend payout. dropped to the bottom of the FTSE 100, falling 8.2 per cent after the insurer said its net profit fell 48 per cent in 2022. The FTSE 100 has had a strong start to the year even clocking its best February performance since 2019 on upbeat corporate results and a recovery in commodity prices as improving Chinese demand influenced the exporter-heavy index.
The yield on 10-year Treasury notes touched a fresh four-month high of 4.07 per cent after data showed the number of Americans filing new unemployment claims fell again last week, pointing to sustained strength in the labour market. Another report showed US labour costs grew faster than initially thought in the fourth quarter.
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