Iseq boosted amid soft Brexit hopes

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Iseq boosted amid soft Brexit hopes


Irish shares performed strongly yesterday, rising more than 1.6pc in late afternoon trading amid investor hopes for a softer Brexit. Stock photo
Irish shares performed strongly yesterday, rising more than 1.6pc in late afternoon trading amid investor hopes for a softer Brexit. Stock photo

Irish shares performed strongly yesterday, rising more than 1.6pc in late afternoon trading amid investor hopes for a softer Brexit.

The main banks were among the risers, with Permanent TSB up 4.8pc, AIB up 3.19pc, and Bank of Ireland up 2.73pc.

Datalex was the best performer as of late afternoon, clawing back some of its recent losses on the back of accounting irregularities.

The euro and pound strengthened also.

US stocks advanced in early trading and bonds retreated globally as upbeat economic reports from China to Europe and renewed hopes for a Sino-US trade deal attracted investors to riskier assets.

The S&P 500 climbed for a fifth day, equalling the longest winning streak in two months. The Dow briefly erased gains after a gauge of US service industries fell in March by more than expected.

The Stoxx Europe 600 index jumped after a string of economic reports from Italy to Germany eased concern over the euro area’s growth outlook.

The US and China are making “good headway” in trade negotiations but unlikely to reach a deal and hope to get closer this week, President Trump’s top economic adviser Larry Kudlow said.

“The last couple of days have been pretty impressive in terms of the upside and certain breakouts in stocks and the markets,” said Louise Yamada, managing director of Louise Yamada Technical Research Advisors.

Investors are looking for fresh catalysts to sustain an equities rally that so far has weathered underwhelming global-growth data. Topping their agenda are signs of a rebound in China’s economy, the trade war possibly ending and moves toward a softer Brexit.

Chinese vice premier Liu He is set to resume trade talks in Washington, while UK opposition Labour leader Jeremy Corbyn welcomed UK PM’s Theresa May’s steps to compromise on a new Brexit strategy.

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“Trade matters because it could impact corporate earnings,” said Alec Young, managing director of global markets research for FTSE Russell. “As a result, the biggest thing investors will be looking for is a full rollback of all existing tariffs.”

Bloomberg

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