European stock markets fell sharply on signals from the European Central Bank that it would not cut rates any time soon. Record oil prices and a soaring euro also affected sentiment. Banks were worst affected.
In Dublin, shares in Anglo Irish Bank were down more than 6% at €8.97 in late trading in Dublin, after a trading statement signalled a 15% rise in H1 earnings but a slowdown in lending growth. The ISEQ dropped 196 points, or 3%, to 6,182, its lowest close in almost three years.
House builder McInerney slumped 14 cent to €1.30 after it reported a flat set of results for 2008, while Ryanair dropped nine to €3.17 as oil prices hit a new record.
Oil also hit BA shares in London - they ended down 7.5% at 245p as the FTSE fell 87 points to 5,766. Paris ended down 1.7% at 4,678 and Frankfurt lost 1.4% to 6,591.
Wall Street stock markets swung lower this afternoon due to worries about the financial sector. The Dow Jones fell 145 points to 12,110 while the Nasdaq lost 26 to 2,247. Traders reacted negatively to news that troubled bond insurer Ambac was to issue new shares instead of getting an outside capital injection.
Earlier, Tokyo's benchmark Nikkei-225 index gained 1.88% to close at 13,215 - up 243 points - a day after closing at the lowest level for six weeks.
