Global markets recover much of ground lost in previous few days
Global markets had a volatile week as fears of a US recession following US jobs data for July and a surge in the yen after the Bank of Japan raised interest rates on July 31st caused investors to unwind yen carry trades.The Irish market ended the week in positive territory, gaining more than 1 per cent by the closing bell.
Travel and leisure stocks also had a good day. Ryanair shares added 3.2 per cent to close at €15.06, while Dalata Hotel Group saw its stock gain 1.7 per cent to finish the week at €4.13. Ferry group Irish Continental was almost 3 per cent up over the session.
Among other movers, Hargreaves Lansdown gained 2.3 per cent after the investment platform agreed to a £5.44 billion takeover by an international consortium.The Stoxx 600 index managed to log a slight weekly advance, closing 0.6 per cent higher and briefly reclaiming the 500-point mark during the day.
The real estate sector topped sectoral gainers, boosted by a 5.5 per cent gain in LEG Immobilien, one of Germany’s largest listed landlords, after it posted a smaller second-quarter loss.Wall Street’s main indexes were set to clock weekly losses on Friday, capping off a tumultuous week where global markets were rattled by a sharp appreciation in the low-yielding yen and fears of a recession in the world’s biggest economy.
The Dow Jones Industrial Average fell 0.34 per cent, in early trading to 39,313.21, the S&P 500 lost 0.12 per cent, to 5,313.04 and the Nasdaq Composite lost 0.1 per cent, to 16,644.89
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