European shares hit four week high
Investors awaited signs of progress on a trade accord between the United States and the European Union despite latest Trump threats.
Dublin
The Iseq All-Share index ended the session down 0.02 per cent to 11,480.17 as big caps Ryanair, Kerry Group and Glanbia led the losses.
Airliner Ryanair fell 1.02 per cent to €24.34, while defensive stocks Kerry Group and Glanbia dropped 0.98 and 0.95 per cent respectively.
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Homebuilders Glenveagh and Cairn Homes continued gains on Wednesday following news that the Government is looking at reducing the minimum apartment size in an effort to reduce the cost of construction. Glenveagh gained 2.13 per cent, rising to €1.82; and Cairn Homes added 1.9 per cent to reach €2.14.
In a mixed day for the banks, with Permanent TSB shares struggling for direction as Bank of Ireland rose 1.46 per cent and AIB added 1.01 per cent.
London
The UK's FTSE 100 closed slightly higher on Wednesday, as investors monitored developments around U.S. tariff talks, while ad firm WPP slumped after it slashed its profit forecast.
WPP's stock fell about 19 per cent, its biggest single-day percentage drop in more than three decades, as the company cut guidance after some big clients left, others cut spending and new business dried up in June.
The stock weighed on the blue-chip FTSE 100, which closed up just 0.2 per cent.
Copper prices at the London Metal Exchange fell, as those in the US traded at a premium, reflecting concerns that elevated prices across the Atlantic could suppress demand.
Europe
The pan-European STOXX 600 index rose 0.8 per cent to its highest close in nearly a month.
Italy's bank-heavy benchmark jumped 1.6 per cent to its highest since 2007. Lender UniCredit was among the biggest gainers on the index, advancing 4.6 per cent to its highest since 2011.
A broader gauge of euro zone banks climbed 2.7 per cent to its highest level since 2010, with French bank Société Générale also advancing 4 per cent
The index tracking European defence companies gained 1.4 per cent to reach an all-time high, as German defence contractor Renk added 5 per cent following reports that company was considering selling its civilian industrial unit, or part of it.
Shares in some European pharmaceutical companies fell, including Zealand Pharma falling 2.7 per cent and Novo Nordisk losing 1.5 per cent.
Norwegian engineering group Kongsberg dropped 12 per cent as analysts said they saw some weaknesses in different parts of the results.
On the bright side, EssilorLuxottica jumped 5.6 per cent following reports that Meta Platforms has acquired a nearly 3 per cent stake in the eyewear maker.
New York
Wall Street's main indexes ticked up in mid-afternoon trading on Wednesday as Nvidia rocketed to a $4 trillion (€3.4 trillion) valuation, while investors digested president Donald Trump's latest tariff salvo.
Mr Trump ramped up his trade offensive on Tuesday, announcing a 50 per cent tariff on copper and vowing to slap long-threatened levies on semiconductors and pharmaceuticals.
This came just a day after he jolted 14 trading partners with a fresh wave of tariff warnings, and said that at least seven new notices would drop later in the day.
Markets' reaction have been relatively stable with analysts noting that investors have become used to Mr Trump's pattern of sabre-rattling on tariffs, and that the White House will potentially back down from its most aggressive threats.
Among stocks, AES Corp rose after Bloomberg reported that the power provider was exploring options, including a sale.
Health insurer UnitedHealth Group slipped after the Wall Street Journal reported that the US Department of Justice was investigating how the company deployed doctors and nurses to gather diagnoses that increased its Medicare payments.
Boeing advanced as Susquehanna raised its price target after the planemaker on Tuesday reported that its airplane deliveries in June increased by 27 per cent on a yearly basis. – Additional reporting, Reuters, PA.
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