European Stock markets saw a generally weak day of trading on Thursday, reflecting the fading of early AI-fuelled gains in the US Market. Investors had been looking to the earnings of tech companies, such as Nvidia, to inject life into a stock market that has been largely static for the past month.
Of note among the Irish ISEQ companies was building materials giant CRH, which reported an 8% surge in sales in the first half of the year. However, the company’s stocks closed down 1.7% on Thursday, despite having a strong run in recent weeks and outperforming US peers. Additionally, mining company Kenmare Resources rose 2.82%, while airline retail software company Datalex rose 1.85%. On the downside, healthcare services company Uniphar fell 2.17%.
In London, the export-oriented FTSE 100 made gains for the third consecutive day, ending up 0.18% amid the ongoing decline in the pound. Sports retailer JD Sports gained 5.07%, and software and robotics platform company Ocado rose 1.76%. Conversely, shares in insurance company Aviva and financial services and asset management company Legal & General both closed down over 2%.
Across Europe, stocks hit one-week highs before falling back, with the Stoxx 600 down 0.41%. Notable movers included sports retailer JD Sports, ecommerce retailer THG plc, semiconductor manufacturer ASM International, and German tourism group TUI.
Meanwhile, Wall Street’s main indexes fell on Thursday, despite an initial boost from Nvidia’s positive forecast. Shares in Nvidia reached record highs after the company projected quarterly revenue that far exceeded expectations. However, this progress was short-lived, as shares in major technology companies like Apple, Netflix, Tesla, and Meta also experienced losses.
Investors are now looking to the gathering of top central bankers at Jackson Hole in Wyoming for signals on the path of US interest rates. Federal Reserve Chair Jerome Powell’s speech on Friday will be closely watched for any insight into the future direction of rates.
Sources:
– Euronext Dublin
– Financial Times
– Reuters
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