3pm Markets Update

Updated: Tuesday 24 May 2016 15.22

US stocks opened higher on Wall Street today, joining a rally in Europe as bourses in Frankfurt, Paris and London rose by 1% or more. 

Five minutes into trade, the Dow Jones was at 17,616, up 0.7%, while the broad-based S&P 500 rose 0.6% to stand at 2,514 and the tech-rich Nasdaq Composite index climbed 0.7% to trade at 4,797.

European markets continued to record gains this afternoon after better than expected German growth figures, but a disappointing reading on German investor confidence due to worries about a possible exit of Britain from the European Union.

London's FTSE index had gained 60 points (0.98%) to stand at 6,353 by 3pm, while the Paris CAC jumped 81 points (1.9%) to 4,406 and the Frankfurt DAX climbed 169 points (1.7%) to trade at 10,012.

Dublin's ISEQ index was also higher this afternoon, adding 91 points (1.45%) to stand at 6,353. Shares in Glanbia rose 3.1% to €16.58, while Kerry Group was up 2.1% to €80.69. AIB shares soared 10% to €7.59 as the bank held its AGM today, while Hibernia REIT slipped 0.3% to stand at €1.27 after it published its full year results today.

Earlier in Asian trade, Tokyo's Nikkei index fell 156 points (0.9%) to close at 16,499 as investors worried about the likelihood of a US interest rate increase in coming weeks. The Hang Seng index in Hong Kong gained 21 points (0.1%) to finish at 19,830.