Global stocks hover near monthly high as investors eye Fed minutes

Global stocks hovered near their highest in a month on Tuesday, drawing support from expectations that the US Federal Reserve could offer further hints of imminent interest rate cuts and easing recession worries.
Euronext Dublin slightly underperformed relative to international peers as it finished the day down 0.8 per cent.
A general weakness in energy stocks dragged Irish housebuilders down as Cairn Homes and Glenveagh Properties dipped 1 per cent and 0.5 per cent respectively.
Meanwhile, insulation specialist Kingspan dropped 50 basis points, while Woodies DIY parent Grafton Group was also in the red, down 80 basis points.
Among the financial names, AIB was down 1.5 per cent at close of business, while the picture was not much better for Bank of Ireland, which shed 1.3 per cent.
One of the few outperformers of the day was sandwich-maker Greencore, which climbed 80 basis points and attracted a number of buyers, according to traders.
Another food name, Glanbia, finished down 80 basis points as its slump continued following interim results last week that showed lower revenue and profits for the six months to the end of June.
“They had numbers last week which led to a sell-off and they have struggled really to catch any sort of a bid since,” a trader noted.
Elsewhere, budget airline Ryanair was unchanged but it lagged European peer EasyJet which climbed 1.2 per cent.
The FTSE 100 lost 1 per cent, pushed down by sharp falls across constituents including BT, plus energy giants Shell and BP.
BT shares fell 6.4 per cent after Sky struck a broadband deal with CityFibre, one of the telecoms giant’s biggest rivals.
The deal, first reported by the Telegraph newspaper, will see CityFibre launch broadband services on Sky’s network from next year, and comes as a blow to BT, which currently hosts Sky customers on its Openreach network.
Meanwhile, a drop in the price of oil caused BP and Shell to lose ground on Tuesday, falling 2.76 per cent and 2.84 per cent respectively.
Danni Hewson, head of financial analysis at AJ Bell, said the FTSE 100 was pulled down by its “heavy weighting towards oil stocks”.
She said: “Hopes of a ceasefire in Gaza and continuing concerns about Chinese demand combined to drive oil prices to their lowest levels since the beginning of August and that put index heavyweights BP and Shell under pressure.”
In Europe, the Euro Stoxx 600 index lost 0.5 per cent, having recovered most of the losses seen after a weak US labour market report prompted worries about the health of the economy.
Meanwhile, Frankfurt’s Dax index fell 0.36 per cent, while the Cac 40 in Paris had closed down 0.25 per cent.
Wall Street’s main indexes slipped in volatile trading, ahead of a symposium at Jackson Hole later this week and minutes from the Federal Reserve’s meeting last month which could offer clues on a September interest rate cut.
Seven of the 11 major S&P sectors were trading lower, with energy taking the worst hit, down 2.4 per cent. Chip stocks too came under pressure with the Philadelphia Semiconductor index down 1.1 per cent.
Eli Lilly added 2.8 per cent after its weight-loss drug cut the risk of developing type two diabetes by 94 per cent in pre-diabetic adults who were overweight or obese after three years of weekly injections.
Palo Alto Networks gained 8.5 per cent after the company forecast fiscal 2025 revenue and profit above estimates.
Boeing slipped 5 per cent after the airline maker stopped test flights of its 777-9 models as it awaits certification after a component between engine and airplane structure failed to perform during a maintenance check.
Lowe’s fell close to 1 per cent after the company cut its annual profit and sales forecasts, echoing bigger rival Home Depot’s concerns of a slim chance of a recovery in home improvement demand this year. – Additional reporting: Agencies