European Stocks Mixed; S&P, Nasdaq Pull Back as US Shutdown Continues
Stock markets in Europe saw a mixed day of trading, with some indices reaching record highs while others retreated. The S&P 500 and Nasdaq pulled back after hitting intraday records, with investors taking profits during a quiet data period. Meanwhile, European stocks extended their rally, with the Stoxx 600 hitting a new high.
In Dublin, Euronext finished the day up 0.35 per cent, outperforming its international peers. Siemens AG climbed 4.2 per cent after reports emerged of the company exploring a spin-off of its stake in Siemens Healthineers AG. However, not all companies fared well. BT Group fell 2.5 per cent following a downgrade by Exane BNP. Banks in Dublin showed mixed fortunes, with Bank of Ireland climbing 1.6 per cent and AIB slipping 0.1 per cent.
Across the pond, global markets were muted due to a second day of government shutdown in the United States. The FTSE 100 closed down 0.2 per cent, despite strong gains by Tesco, remaining near record highs. Tesco shares climbed 5.3 per cent, making it the biggest riser on the index, thanks to better-than-expected trading and potential tax relief. Kerry Group and Kingspan also boosted the index, finishing the day up 1.7 per cent and 2 per cent respectively.
While some indices reached record highs, others retreated as investors locked in gains. The shutdown in the United States continued to cast a shadow over global markets. Despite this, European stocks extended their rally, with the Stoxx 600 gaining 0.5 per cent to a new high. The performance of individual companies varied, with some, like Tesco, seeing significant gains, while others, such as BT Group, experienced losses.
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