European shares hit one-month low amid rising Middle East tensions
Escalating tensions in the and fears over potential US involvement in the region led to European shares falling to its lowest point since early May.
S&P 500 futures fell 0.5 per cent despite US markets remaining closed on Thursday for a public holiday.
DUBLIN
The Iseq All-Share index ended the session down 1.96 per cent to 11,172.87, with losses led by Kenmare Resources.
READ MORE
Kenmare Resources fell 21.12 per cent to €3.66 following news it had walked away from takeover talks with its former managing director Michael Carvill and an Abu Dhabi private equity firm.
The consortium made it clear it would only be willing to proceed with a bid that was below its initial £473 million (€553 million) proposal. Shares in the titanium minerals miner returned to near the levels the stock was trading at before news of the bid.
Middle East uncertainty saw most Dublin-listed stocks close in the red, with just Irish Ferries owner Irish Continental Group, up 0.37 per cent, and Agriculture group Origin Enterprises, up 0.82 per cent, improving on the day.
Gains made on Wednesday by airliner Ryanair on the back of a drop in oil prices were wiped out, and the share 2.63 per cent to €22.97 on Thursday as oil prices rose.
In banking stocks, AIB fell 1.91 per cent to €6.70, and Bank of Ireland tumbled 2.40 per cent to €11.61.
LONDON
The FTSE 100 closed lower on Thursday amid ongoing Middle East concerns, after the Bank of England left interest rates unchanged at 4.25 per cent and policymakers said trade policy uncertainty would continue to hurt the economy, triggering a drop in the pound.
The FTSE 100 index closed down 0.6 per cent at 8,791.80, with the mid-cap FTSE 250 ending down 1.0 per cent, at 21,073.99.
Oil rose again amid concerns the situation in the Middle East could worsen.
That boosted oil majors and FTSE 100 heavyweights BP and Shell, which rose 1.4 per cent and 1.1 per cent respectively. British Airways owner IAG, however, fell 3.2 per cent and low-cost airline EasyJet, was down 3 per cent at close, on concerns of rising fuel costs and travel disruption.
Similarly, fears that the Middle East conflict will lead to higher inflation and slower economic growth weighed on mining stocks.
Anglo American fell 3.3 per cent, Antofagasta declined 3.4 per cent and Rio Tinto dipped 2.5 per cent.
Whitbread fell 1.6 per cent after reporting total group sales fell by 3.8 per cent in its first quarter.
On the FTSE 250, Hays plunged 10 per cent after saying it expects annual profit to be below market consensus, as the staffing firm grapples with challenging market conditions.
Shares fell in other recruitment businesses, PageGroup, down 8.8 per cent, and Robert Walters, which dropped 4.8 per cent. European recruiting shared similarly fell.
EUROPE
The pan-European Stoxx 600 closed down for the third consecutive day with a 0.8 per cent drop to its lowest level since May 9.
US President Donald Trump kept markets guessing about American involvement in air strikes on Tehran, though markets were hopeful of potential de-escalation of tensions over upcoming EU and US talks with Iran.
Much of the recent nervousness has been in markets centred around crude oil supply shocks, triggered by tensions in the oil-rich Middle East. Oil prices rose on the day and boosted the energy sector by 0.8 per cent, emerging as the session's top performer.
Healthcare and utilities were the only other sectors in the green. Conversely, travel and leisure stocks led broader declines and finished 2.3 per cent lower, taking a hit from the soaring oil prices.
Among stocks, Stora Enso jumped 14.7 per cent to top the Stoxx 600 after the Finnish forestry group said it was initiating a strategic review of its Swedish forest assets. – Additional reporting, Reuters, PA.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
an hour ago
- Irish Times
Sunbed business fined for selling session to minor
A judge has imposed a €2,600 penalty on a sunbed business for selling a session to a minor. In the case before Ennis District Court, Judge Alec Gabbett imposed a €1,000 fine and costs of €1,600 on Solcraft Ltd for selling a sunbed session to a girl (15) at its premises Cosmopoli Tan in Shannon, Co Clare , last year. It came after a 'secret shopper' was deployed by the Health Service Executive (HSE) to do a test purchase in Cosmopoli Tan at Unit 7, Block E, Bru Na Sionna, Shannon, on November 26th, 2024. Barry Kelleher, solicitor for the HSE, told the court that on the date 'a 15-year-old child attended at the salon and approached the counter and asked for use of sunbed session'. READ MORE Mr Kelleher said 'the child asked for three minutes of time and she was told that she could get four minutes for the price of three'. Mr Kelleher said the child 'was never asked for her age or ID'. He said the firm has no previous convictions, that the transaction took place and the child left the premises. Solicitor for the firm, John Casey, said the business has a number of notices placed across its premises saying 'No ID, no sunbed'. Mr Kelleher said there was a further inspection of the premises in April this year as there was a report of underage sales continuing. Mr Casey said on that date the company was found to be in compliance. Mr Kelleher said the test purchasers deployed by the HSE don't actually take the sunbed sessions. 'You would need danger money to do that,' the judge said. Mr Kelleher told the court that people aged under 35 who use sunbeds increase their risk of developing melanoma by 75 per cent. The judge said 'children should not be in these premises – that is very straightforward' and he imposed the €1,000 fine as a deterrent to ensure compliance. Asked about the level of enforcement activity under the Public Health (Sunbeds) Act, a HSE spokesman said last month: 'In 2024, 10 fixed payment notices were served and four prosecutions taken by the National Environmental Health Service under the Public Health (Sunbeds) Act 2014. 'Two of the prosecutions were for sales to minors and both were upheld by the court.'
Irish Times
an hour ago
- Irish Times
Minimum pay for childcare workers to rise to €15 an hour
Childcare workers will earn a minimum of €15 an hour under proposals jointly agreed by employers and unions. The Joint Labour Committee, which is made up of childcare providers and unions representing childcare staff, have agreed the minimum hourly raise rate from €13.65 to €15 an hour, an increase of 10 per cent. Some 35,000 people work in the childcare sector in Ireland. The new pay agreement will be underpinned by an extra €45 million provided to the sector by the Government. The proposals will now go to those childcare staff that are unionised, but Siptu has recommended approval. READ MORE Siptu's head of strategic organising Darragh O'Connor said it was a 'really big step in the journey for recognition, respect and decent pay for early years professionals'. [ 'The Government has gone very quiet': childcare providers protest for support after election promises Opens in new window ] However, he added that staffing remains a 'huge issue' with the sector and can only be relieved by continued Government investment. Childcare Service Ireland, the Ibec group that represents childcare providers, said it will help ringfence funding for wages to reach early years educators. 'There are several pressing issues facing providers, and we look forward to working with the Minister to address these challenges. Our goal is to ensure the continued sustainability of a high-quality early childhood education and care sector,' a spokesperson said. 'Any further increases in wages must be fully supported by Government funding, as the ongoing fee freeze and the incoming fee caps significantly limit providers' ability to absorb additional costs.' Minister for Children Norma Foley said the 10 per cent increase in minimum pay represents a 'significant step' towards fair pay for educators in the sector. [ Childcare crisis driving employees out of workforce Opens in new window ] She said her department pledge to put another €45 million into the sector helped get the deal over the line. 'If these proposals are implemented through updated Employment Regulation Orders, they will bring much-needed improvements in pay for these dedicated professionals, enhancing the quality of care and education provided to children across Ireland,' she said. 'I am hopeful that these proposals will soon come into effect, marking a positive change for our dedicated and skilled staff in the early learning and childcare sector and the services that employ them.'
Irish Times
2 hours ago
- Irish Times
Former TD Violet Anne Wynne tells court she has no income to pay ex-employee
Former Independent Clare TD Violet Anne Wynne told a court she currently has no income to pay off a €6,500 debt from a Workplace Relations Commission (WRC) award against her . 'I am currently unemployed so I don't have an income at this point in time,' Ms Wynne said at Ennis District Court on Friday. Ms Wynne was appearing in court over a determination order that her constituency office worker Fiona Smyth secured last December. The order concerned a then unpaid €11,500 unfair dismissal made by the WRC against Ms Wynne. Daragh Hassett, solicitor for Ms Smyth, told the court Ms Wynne has paid only €5,000 of the €11,500. READ MORE In court last December, Ms Wynne said that she would pay down the debt from her Dáil termination payment. Judge Alec Gabbett warned Ms Wynne that non-payment 'becomes a criminal sanction as it is an offence to disobey a court order'. Ms Wynne said: 'I know that when we were here the last day that I hoped to make the commitment to make the payment in full.' She said at the time it was her understanding 'that I would be able to draw some of my pension payment and that is how I made the partial payment in the first instance'. 'You said that you were getting a lump sum on retirement from Dáil Éireann?' the judge said. Ms Wynne said 'as it transpires they changed the pension scheme for new TDs elected in 2020'. She said the change was not fully outlined to her. Mr Hassett said it was open to Ms Wynne to pay the outstanding €6,500 in instalments. In response, the mother of six said she was 'not in a position to make any commitment here today'. Asked by the judge whether she could make payments on a weekly or monthly basis, Ms Wynne said she could not currently but that may change in the very near future. Ms Wynne said she is unemployed at the moment and her partner is also off work due to illness. 'You have been told by Ms Wynne that there is nothing coming into the house. I find that hard to believe and I would ask that she file a statement of means,' Mr Hassett said. The judge directed that a statement of means be provided including bank statements. He adjourned the case to July 11th and told Ms Wynne: 'I would rather not go the enforcement route.'
