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ISEQ holds-SIPTU backs CP2

Friday, March 15 09:22:07

The ISEQ is holding above 3,900 this morning as European markets have seen some volatility but have largely held recent gains.

In Ireland, the country's largest union has come out in favour of Croke Park 2 and this is discussed by Davy Stockbrokers:

Stock markets were little changed yesterday. The Dax closed up 1.1pc and the FTSE100 up 0.74pc. Asian markets rallied overnight following the confirmation of the new Bank of Japan governers by Parliament and perhaps the advent of more radical monetary policy in a stagnant Japanese economy.

US markets also closed higher on better-than expected jobless claims numbers, the Dow closing up 0.58pc, with expected positive consumer sentiment and industrial data likely to buoy the market further today.

In Ireland, the country's largest labour union - representing more than 200,000 workers and approximately 6,500 public sector workers - has agreed to recommend the public pay deal struck with the government last month to its members.

The deal, which aims to save the Exchequer E300m in 2013 and up to E1bn per annum by 2015, had been rejected by a number of smaller unions thus far but received the backing of SIPTU last night. The Budget set out cuts to pay worth E725m in 2013, the bulk of those savings coming from Health (E458m), E56m from the Garda Siochana and E220m unallocated; so the public pay deal represents a significant chunk of the government's revenue savings for the year according to Davy Stockbrokers.