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Markets Live News: Mechanical workers vote for industrial action; Eamon Waters latest property play
Payment of the first hour of ‘travel time’ was meant to only be cut as a ‘temporary measure’ following the 2008 financial crash and was never reviewed. 16.50 Eamon Waters’ latest Dublin property play? Demolishing Tesco on Baggot Street Eamon Waters’ property company is planning to demolish the building that houses Tesco’s store on Baggot Street, Killian Woods reports.
16.20 - Stocks climb as dip buyers emerge after selloff Stocks rose on Tuesday as dip buyers waded back into the market after a roughly $6.5 trillion selloff from global equities over the past few weeks.“The market by any metric is ‘oversold’ and due for a bounce,” said Quincy Krosby at LPL Financial.
Harris said she was proud to have Walz as a running mate, and that as a “governor, a coach, a teacher, and a veteran”, Walz had “delivered for working families like his”.Walz said it was the “honour of a lifetime” to join Harris’ campaign.I am proud to announce that I've asked @Tim_Walz to be my running mate.It's great to have him on the team.— Kamala Harris August 6, 2024 15.
14.55 - Mincon sees revenue drop by 16 per cent in first of year Irish engineering tools group Mincon had a “subdued” first half of the year due to construction slowdowns, the firm revealed in its half year results. The investment giant also bought a 6 per cent stake in May, which was worth €45.9 million in the bank’s current value. It had once held a 8.68 per cent position in PTSB, before reducing this to 5.65 per cent in July.
US equity futures pared an early advance, though they’re still signalling a rebound after the S&P 500 yesterday plunged to the brink of a correction. European stocks fluctuated between gains and losses. The dollar strengthened. The drop dragged retail spending down by 0.3 per cent, on a monthly and an annual basis, and were lower than expected by analysts, who anticipated a smaller drop.
“Corrections of 10 per cent have also been attractive buying opportunities more often than not,” although the track record is not as strong as after a smaller drop, Kostin wrote in a note.12.30 - Bearish investors and where they were hiding Our markets correspondent Kathleen Gallagher has gone on a deep dive into where the bearish investors were hiding just prior to the markets stumbling on Friday.
Andrew Webb, the firm’s chief economist, said that December 2021 was the last time this many people were unemployed in Ireland. According to documents filed with the Companies Registration Office, Whaleco Technology, a subsidiary of Temu incorporated in July 2022, took in $790 million overall, including $31.2 million in interest on cash and short-term investments.
10.45 TikTok agrees to withdraw ‘addictive’ feature from EU TikTok has agreed to permanently withdraw its TikTok Lite platform, after concerns were raised around the “addictive effect” of its user reward programme. On Monday, the Commission announced that the Chinese social media giant had made commitment to permanently withdraw the TikTok Lite Rewards programme from the EU, and not to launch any other programme which would circumvent the withdrawal, with a breach of either commitment constituting a breach of the Digital Services Act .
10.00 Elon Musk sues OpenAI and two founders Elon Musk is taking legal action against OpenAI and two of its founders, Sam Altman and Greg Brockman, renewing claims that the company betrayed its founding aims of benefiting the public good rather than pursuing profits. 08.30 Iseq recovers in early trading The Iseq All Share opened up 1.54 per cent at 9,288.85 by 08.25am, as markets around the world rebounded somewhat from yesterday’s global rout.
The company, which focuses on assets required for the green transition, said it was undertaking a low-risk programme totalling around 1,500 metres, targeting outcropping mineralisation at Djupedal, the Irish Times reports. The company, formerly known as Open Orphan, announced its intention to cancel its admission to trading on Euronext Growth from September 2nd in a further blow to the struggling Dublin stock market.
The increase in manufacturers’ orders has softened Germany’s fears over a potential economic slump, after its GDP fell by 0.1 per cent between April and June, compared to the previous quarter. 07.25 European stocks set to rally at open European stocks are set to reverse some of the losses and rally back, according to data from markets analysis firm IG.
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