Dublin’s Iseq All-Share index dropped 1.1 per cent to 9,571.96 on Friday
European shares on Friday turned in their worst performance in a month after a widely anticipated US jobs report offered mixed signals on the size of a potential Federal Reserve rate cut later this month.
Traders’ bets for a 0.25 percentage point rate cut in September stood at 73 per cent, according to the CME Group’s FedWatch Tool, while those for a 0.5 point reduction in rates were at 27 per cent, down from a brief rise to 51 per cent after the data.The Iseq All-Share index lost 1.1 per cent to 9,571.96, with housebuilders among the worst performers, in line with a weak showing by UK peers on Friday.
Dalata Hotel Group dropped 5.5 per cent to €3.89. Deutsche Bank downgraded its rating on the company to hold from buy after reducing its earnings forecast.The UK’s main stock index ended lower on Friday, dragged down by personal goods and automobile shares, while investors assessed US jobs report data to determine the extent of expected interest rate cuts by the Federal Reserve.
The European Central Bank is also poised to cut rates while the Bank of England is likely to hold this month. Next week, the European Central Bank is widely expected to ease rates by a quarter of a point. European markets, however, are likely to take their cues from overseas, with US inflation data expected to be the biggest mover.
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