European and Irish shares reversed course on Friday, ending a strong week on a cautious note after relief over the US-Iran peace deal gave way to concerns about the negotiations.
US vice president JD Vance abruptly cancelled his trip to Switzerland for talks with the Islamic Republic as negotiations were delayed following clashes between Hizbullah militants and Israel in south Lebanon overnight.
US markets, meanwhile, were closed for the Juneteenth public holiday.
Dublin
The Iseq index was down 0.6 per cent by lunchtime.
Banking stocks were treading water, with AIB down 0.3 per cent to €10.55 per share, while Bank of Ireland was up slightly to €18.44.
Kingspan was one of the biggest movers, falling 1.7 per cent to €85.50.
Ryanair also stood out, falling 1.1 per cent to €25.55 per share, against a backdrop of heightened uncertainty around the trajectory of jet fuel prices as the tentative peace agreement in the Middle East came under strain.
London
UK shares were down slightly, with the FTSE 100 off by 0.3 per cent while the mid-cap FTSE 250 shed almost 1 per cent by 1pm.
Miners weighed on the index, with Anglo American down 2.2 per cent, Glencore off 1.5 per cent and Rio Tinto 1.1 per cent lower.
Energy stocks were the main source of support for the benchmark index. BP rose 1.7 per cent, and Shell gained 1 per cent, as Brent crude held near $79.50 a barrel.
British insurer Admiral Group slipped 5 per cent after RBC downgraded the stock to “sector perform” in advance of results.
Meanwhile, Entain shares ticked higher after Reuters reported the Ladbrokes-owner has begun exploring options for its joint venture in Central and eastern Europe, including a possible sale.
Europe
European shares edged lower with the blue-chip Stoxx 50 and the cross-Continental Stoxx 600 indices both down by around 0.4 per cent.
The stocks had rallied to record highs earlier this week, driven by signs of progress in the US-Iran peace talks and a gradual reopening of the Strait of Hormuz, a vital artery for global energy supplies.
Chipmaker ASML initially dipped 1.8 per cent after Bloomberg reported US commerce secretary Howard Lutnick told the company that Washington is concerned that one of its top chipmaking machines may have found its way to China in violation of US-led export restrictions.
Infineon added 0.5 per cent.
Luxury brands tumbled, with Kering down 2.6 per cent while bag-maker Hermes fell 2.4 per cent and Ray-Ban owner Essilor Luxottica dropped 1.7 per cent. – Additional reporting: Reuters, Bloomberg
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