Global Markets Fall, Oil Rises Amid US-Iran Peace Talk Concerns; Dublin, London, European, New York Stocks Decline
Global markets declined and oil prices increased on Monday following US President Trump's cancellation of US-Iran peace talks. Major indexes in Dublin, London, Europe, and New York all experienced drops. Brent oil rose to $108.92 a barrel amidst the geopolitical uncertainty.
World markets fell and oil prices rose on Monday due to renewed concerns over Middle East peace prospects after US President Donald Trump cancelled a visit by two US envoys to Pakistan, where talks with Iranian counterparts were expected.
Brent oil traded at $108.92 a barrel, up from $105.78 on Friday. Dublin's Euronext fell 0.4 per cent, with Ryanair down 1.4 per cent. Bank of Ireland dropped 1 per cent, while AIB and PTSB rose 0.3 per cent. Kingspan sank 0.4 per cent, Glenveagh Properties fell 0.2 per cent, and Cairn Homes rose 0.5 per cent.
The FTSE 100 in London closed down 0.6 per cent, impacted by Marks & Spencer (down 4.8 per cent), J Sainsbury (down 3.4 per cent), and Shell (down 1.7 per cent). Marks & Spencer's decline followed data showing a slowdown in the UK clothing market. J Sainsbury was hit by downgrades from Goldman Sachs and Citi. Shell's fall came after its $16.4 billion acquisition of ARC Resources.
European equities also saw declines, with the Cac 40 in Paris and the Dax 40 in Frankfurt both down 0.2 per cent. The pan-European Stoxx 600 index fell 0.38 per cent. In New York, Wall Street's main indexes fell, with the S&P 500 consumer discretionary sector leading losses at 0.7 per cent. Microsoft dipped 0.4 per cent after OpenAI's announcement regarding exclusive access to AI models, and Domino’s Pizza dropped 9.6 per cent after missing first-quarter sales estimates. Nvidia gained 1.2 per cent, reclaiming a market valuation above $5 trillion.