Friday, September 06 12:48:58
The ISEQ dipped back in to negative territory this morning as global markets await US jobs data later today in the hoipe of gaining more evidence of a strengthening recovery.
By 12:30, the index was down 7.39 points to 4,208.54.
European shares saw a tentative move lower, with investors cautious before a U.S. jobs report that could determine when the Federal Reserve starts scaling back its monetary stimulus. The FTSEurofirst 300 was down 0.1 percent at 1,222.96 points, having been trapped in a tight 5.6-point trading range in Friday's session. The euro zone's blue-chip Euro STOXX 50 was flat at 2,773.46 points.
At the same time as ECB President Mario Draghi was attempting to reassure the markets that it had an easing bias and that rate rises were a long way off, Chancellor Merkel spooked markets by talking about the need to adjust relatively loose monetary policy step by step. "Talk of monetary policy is usually the sole responsibility of the central bankers in the euro area, but with an election just over two weeks ago, Merkel is clearly trying to reassure certain segments of the German electorate," said Goodbbody Stockbrokers.
Paddy Power shares fell 8c to E60.63. Bwin.Party has this morning announced that it launched its new partypoker.com product (it launched yesterday). The product was to be launched in August but was delayed and management stated at its results presentation last week that it would be launched within two weeks. The new product is now available on Mac and PC and no download versions, while there are mobile versions on iOS and Android. Later phases will include more desktop features on mobile.