“If you strip away what’s going on in North Korea, and if you strip away what’s going on in Washington, which are things that are tougher to predict, the economy, the global recovery, earnings, it all paints a very positive picture for the rest of the year”, Kravetz said.
The Iseq completed the week by slipping 0.6 per cent on Friday. It slid 80 cents, or 1.5 percent, to close at $51.90 per barrel on Thursday. The S&P 500 added 0.3%, though it was on course to end the week down 1.3%, its biggest loss since March. Analysts at Davy Research upgraded their forecasts for the paper and packaging company, citing a better environment for pricing and volume. It has been more than a year since the last 5% downdraft in stocks and more than 76 weeks since the stock market suffered a 10% loss. Glanbia, Ires Reit and C&C were also among the fallers, while Bank of Ireland and AIB finished in the red on a weak day for banks across Europe.
Friday was the FTSE’s third straight day of losses after United States president Donald Trump said that his earlier remark to unleash “fire and fury” on Pyongyang may not have been tough enough. For the week, the benchmark slipped 2.6%. However, it gave up those early gains, ending the session flat.
The pan-European Stoxx 600 ended over 1% lower to a five-month low with nearly all sectors in negative territory. The country previously threatened a further “all-out war, wiping out all the strongholds of enemies, including the US mainland” in a government statement.
The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1.5 percent to C$92.88, and Manulife Financial Corp falling 4.7 percent to C$24.43, its largest drop since early August a year ago.
On commodities markets, oil advanced after figures from industry group the American Petroleum Institute showed a sharp decrease in stockpiles, a clear indication of an easing supply glut.
Belgian drugmaker Galapagos was a rare bright spot, finishing up 4.8 per cent as brokers upgraded their view on the stock which also outperformed on Thursday after a successful drug trial.
“There is a rhetorical war between the two nations, and traders (as are most human beings) are nervous”, said Chris Weston, chief market strategist at IG, in a note to clients.
But while investors appeared to favor safe-haven assets, some bargain seekers helped Wall Street’s three major indexes pare losses and some USA officials sought to dial back tensions. Regions Financial shed 23 cents, or 1.6 per cent, to $14.07.
Nvidia’s quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker’s shares down by 7.5 percent.