Banks lead Dublin market higher.
In the run-up to Jerome Powell’s speech on Thursday, traders waded through economic data. US producer prices picked up in October. Photograph: Kent Nishimura/Getty ImagesThe Iseq Overall Index rose 1.7 per cent. AIB rose 2.68 per cent to €5.35 and Bank of Ireland was up 2.01 per cent finishing at €8.62. Ryanair rose 1.15 per cent to €18.89. Food sector giant, Kerry Group rose 0.61 per cent to €90.85 while Glanbia was up 1.51 per cent to €14.82.
The more positive session comes ahead of a planned speech by Chancellor Rachel Reeves at the Mansion House in the City of London on Thursday evening, having already revealed plans to shake-up the pensions market. Europe’s benchmark index has been under pressure since Trump won the race to the White House last week, with his so-called America-first policies, including hefty trade tariffs, widely expected to hurt markets outside the US stocks in the US have surged on the prospect of tax cuts and deregulation.Stocks struggled to make headway, following a furious post-election rally that spurred calls for a breather amid signs of buyer fatigue.
“The question we have is whether Powell’s dovishness will reset the tone for higher long rates. On that question alone, we say ‘no for now’,” noted Andrew Brenner at NatAlliance Securities. “But he will continue to support Fed easing in the near term, and even that will have a limited effect.”
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