Global stocks rebound following week of steep losses

Global stocks rose on Monday following a week of steep losses as investor focus shifted back to the extent of possible interest rate cuts.
Euronext Dublin climbed 0.9 per cent as it was buoyed by some of its bigger hitters.
In the travel and leisure sector, budget airline Ryanair was up 1.5 per cent at close of business, while Dalata — the biggest hotel operator in the State — rose 1.4 per cent, bouncing back from what was a “rough day” on Friday, as one trader pointed out.
Among the food names, dairy giant Kerry Group continued its recent good run as it climbed 1.5 per cent, while Glanbia and Greencore each added 1 per cent.
Elsewhere, there were positive moves for Woodies DIY parent Grafton Group and insulation specialist Kingspan, which were up 1.8 per cent and 1.7 per cent respectively after trading.
The bounce did not extend to the housebuilders, however, as Glenveagh Properties finished down 1 per cent, while Cairn Homes sank 0.5 per cent.
The benchmark FTSE 100 climbed over 1 per cent amid broader gains led by travel and leisure stocks after an upbeat forecast from gambling group Entain, while investors awaited labour market data later in the week.
The travel and leisure market rose 1.9 per cent, its highest in six weeks after Entain said its online revenue growth in the second half of this financial year was in advance of its expectations. The gambling group was the top gainer on the FTSE 100 with a 5.3 per cent rise.
Bloomberg News reported HSBC was mulling the combination of its commercial and investment banking divisions to eliminate overlapping roles at the lender and cut costs. HSBC shares added 1.9 per cent, while the broader banks index was up 1.7 per cent. HSBC declined to comment.
Most big sub-sectors traded higher, with chemicals and automobiles and parts advancing 1.9 per cent and 1.7 per cent higher, respectively.
However, luxury retailer Burberry slipped 4.9 per cent to its lowest price since November 2009, after Barclays downgraded the stock to “underweight” from “equal weight”.
Meanwhile, British restaurant operator Hostmore plunged more than 90.8 per cent after it dropped plans to buy pub chain TGI Fridays.
Stocks on the Continent rebounded from their biggest weekly drop in 18 months as traders’ attention turned to key US inflation data and the European Central Bank’s rates decision this week.
The Stoxx Europe 600 Index gained 0.8 per cent by the close. Travel and leisure and chemical stocks gained the most, while real estate underperformed. French luxury conglomerate Kering SA slumped to a seven-year low on worries about demand in China.
The main regional index slumped 3.5 per cent last week, its biggest decline since the US regional banking crisis in March 2023, as subdued economic data globally dented sentiment.
The Cac 40 ended 0.99 per cent higher for the day and the Dax index was up 0.77 per cent at the close.
Wall Street’s main stock indexes rose, rebounding from a week of steep losses as focus shifted back to the extent of interest rate cuts by the Federal Reserve.
Most megacap and growth stocks rose after falling sharply last week, while Apple slipped over 1 per cent in advance of the company’s event where it will likely unveil a series of new iPhones and updates to other devices and applications.
Apple’s event could be upstaged by Huawei which has a scheduled announcement of its Mate XT phone — a triple-folding smartphone — just hours later.
Ten of the 11 S&P 500 sectors were trading higher, with industrials and financials rising about 1.5 per cent each.
Boeing advanced 3.6 per cent after the plane maker and its biggest union reached a tentative deal covering more than 32,000 workers, averting a possible strike. — Additional reporting: Agencies