Global stocks retreat from record highs amid inflation concerns


Global stock indices retreated from record highs on Tuesday, as a solid rise in producer prices last month heightened concerns about inflation, while US Treasury yields edged down.


Euronext Dublin lost 0.33% on Tuesday, which is largely in line with its international peers.

It was a bad day for the banks because AIB was down 3%, while Bank of Ireland also lost ground.

Low cost airline Ryanair and Paddy Power Betfair-parent Flutter Entertainment were also declining but largely in line with the market.

The index has been kept largely flat by food groups Glanbia and Kerry Group, which increased by 3% and 1.5% respectively. Group of building materials CRH – an indicator for the index and its larger name – was flat that day.

“They kind of denied the weakness of others,” one trader noted. “The market is still trying to make up its mind right now. People are trying to make up their minds on what to do.



The FTSE 100 erased initial gains to end lower, weighed on by weakness in banks and mining stocks, while positive earnings outlook pushed up Primark owner’s shares AB Foods.

After rising as high as 0.19 percent, the FTSE 100 index ended down 0.4 percent, with the banking sector falling 1.3 percent, with HSBC, Barclays and Lloyds all down about 1 percent.

On the positive side, AB Foods jumped 8.1% to the top of the blue chip index after forecasting a significant increase in sales and profits for its fashion chain Primark in the new fiscal year and announced a special dividend. .

Rolls Royce jumped 3.6% to more than two months after Britain pledged £ 210million (€ 245million) to help build the nation’s first small modular nuclear reactor under its desire to achieve zero net carbon emissions.

Meanwhile, miners, including BHP Group, Anglo-American and Glencore were down between 1.3 percent and 1.4 percent and among the main drag on the blue chip index.


European stocks retreated from record highs, although strong corporate earnings and hopes of a recovery limited losses as investors waited for new hints of expected economic data this week.

The pan-European Stoxx 600 closed 0.2% lower at 482.71 points, standing just below its all-time high last week.

Insurers were among the biggest brakes in continental European markets, down 0.8 percent. german group Munich Re fell 2.5% after warning of further Covid-related losses in its reinsurance business.

British insurer Direct line also slipped 4.2 percent after reporting weaker-than-expected quarterly premium growth.

Renault rose 3.8% to the top of the French CAC 40 after its Japanese partner Nissan announced quarterly profit and increased its forecast for the year.

Among the winners, German agriculture and pharmaceutical company Bayer climbed 1.5 percent after posting adjusted quarterly earnings above analysts’ expectations.

French group of supermarkets crossroads rose 2.9% after pledging € 3 billion between 2022 and 2026 for its digital push.


Major Wall Street indices also retreated from record highs as a solid rise in producer prices last month heightened concerns about inflation, while General Electric jumped on its plan to split into three public companies.

Seven of the S&P 500’s top 11 sector indices were down in afternoon trading, after the benchmark US stock index and the Nasdaq hit record-breaking closing highs on Monday for the eighth consecutive session.

Among the top performers on Tuesday, General Electric jumped 3.6% after the US conglomerate announced it would split into three companies focused on aviation, health and energy.

You’re here fell 10.2%, pushing the consumer discretionary sector down and prolonging losses after CEO Elon Musk’s Twitter poll to sell a tenth of his holdings garnered 57.9% of the vote in favor of the sale. (Additional reports: Agencies)

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