Markets broadly flat as investors prepare for interest rate hikes

Fri Jul 1 2022 - 19:10

European shares closed flat on Friday as gains in defensives countered a sell-off in semiconductor and commodity-linked stocks, while investors prepared for the European Central Bank’s first interest rate hike in over a decade later this month. In the US, Wall Street started the second half of the year on a dull note as investors worried over the risks to economic growth from the Federal Reserve’s resolve to curb rising prices at all costs.The Iseq closed up by 0.64 per cent, in a session of light trading volumes. Its heavyweight stocks were all mostly flat.rose by 2 per cent to €11.50, as the price of oil fell back and the airline appeared primed for further growth.

The litany of resource stocks on the Dublin exchange fell, however, as concerns grow globally of a recession.was down 3.3 per cent to €1.16, whileUK stocks came under pressure after data showed factory activity lost more steam in June amid elevated price pressures, underlining the risk of a sharp slowdown or a recession in Britain. The blue-chip FTSE 100 ended flat after flirting with gains and losses in the session, while the domestically focused midcap FTSE 250 closed 0.16 per cent lower.

Shell fell 0.6 per cent as the oil major suspended plans to sell its onshore oil assets in Nigeria, and after Russia moved to create a new firm to take charge of the Sakhalin-2 oil and gas project. Shell, together with two Japanese trading companies, holds just under a 50 per cent stake in Sakhalin Energy Investment Co.slid 4.2 per cent and 3.3 per cent respectively, after Citigroup downgraded the fund managers’ stocks to “sell” from “neutral”.

Source: News Formal (newsformal.com)

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