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Global stocks mark time as Flutter announces share buyback

Global stock indexes were little changed on Wednesday after reaching record highs this week, In Dublin, the Iseq 20 finished nearly a per cent higher on Wednesday.
On the international stage, Flutter had a capital markets day in New York where it announced a $5 billion (€4.5 billion) share buyback.
It was a quieter day on the Irish market on Wednesday in advance of Budget 2025 next week. Kerry Group rose by 2.14 per cent today to €93.15 on Wednesday. Ryanair was up 1.57 per cent, finishing €16.85 a share.
From a banking perspective, it was a also a quiet day with AIB marginally dropping by 0.28 per cent to €5.35, Bank of Ireland sliding 0.48 per cent to €10.27 and Permanent TSB up slightly by 0.59 per cent to €1.70.
Kingspan rose 1.95 per cent finishing the day at €86.25. From a property point of view, Glenveagh Properties dropped by 1.17 per cent to €1.52 a share.
London’s top stock indices faltered on Wednesday with financial firms dragging on the FTSE 100, despite the OECD upgrading its economic growth forecast for the UK.
The FTSE 100 closed 0.17 per cent lower at the end of the day.
Asia-focused financial firms Prudential and Standard Chartered were among the biggest fallers of the day, as the dust settled following news of economic stimulus measures in China which boosted stocks on Tuesday.
Meanwhile, a new report from the Organisation for Economic Co-operation and Development (OECD) placed the UK joint-second in its economic growth forecasts for 2024.
The last time the OECD put out a forecast in May, the UK was at the bottom of the pile of G7 countries, but growth projections have risen so far this year.
European stocks snapped two days of gains as doubts grew about the efficacy of China’s stimulus drive. In Paris the Cac 40 was down 0.5% per cent and in Frankfurt the Dax declined 0.39%.
The Stoxx Europe 600 Index traded 0.1 per cent lower at the close in London, with autos and energy stocks losing ground, even as Beijing lowered one-year policy rates by the most on record, adding to the steps announced a day earlier. Luxury and industrials shares advanced.
Confidence in European stocks is being dented by signs of a weakening economy. That’s making traders increasingly confident the European Central Bank will reduce rates again next month, seeing a roughly 60 per cent chance of a quarter-point reduction in October, up from around 20 per cent last week.
Flutter Entertainment Plc, parent of the FanDuel gambling company, announced plans to repurchase as much as $5 billion of its shares over the next few years as the US sports betting market surges.
Wall Street’s main indexes were mixed on Wednesday, with the S&P 500 hovering near a record high, as investors awaited more indicators on the state of the economy and upcoming interest rate reductions.
The three main indexes were propped up for monthly gains after the Federal Reserve cut interest rates, raising expectations for a soft landing. However, a weak consumer sentiment report on Tuesday fanned some caution about the health of the labor market.
The yield on long-term Treasury bonds ticked higher on worries that looser financial conditions could reignite inflation.
Odds of a 50 basis point cut by the central bank at its November meeting have ticked up to 57.4 per cent, from a coin toss earlier in the week, as per the CME Group’s FedWatch Tool. Additional reporting: Agencies

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