5.45pm Markets Update

Updated: Tuesday 26 May 2015 17.58

European stock markets have stumbled as Greece's debt problems and a battering for Spain's government in local elections offset a rise in airline shares.

In Dublin the ISEQ was up, however, gaining four points (0.1%) to finish the day on 6,267.

Shares in Ryanair were 5.4% higher at €11.47, after the airline reported a surge in profits for the year to March. Shares in Dragon Oil were up 2.9% to €9.59, meanwhile. Shares in Dalata were down 4.7% to €3.65, while shares in Green REIT fell 2.4% to close on €1.61.

In London the FTSE was 83 points (1.2%) lower at 6,949 by the close of business. In Paris the CAC was down 33 points (0.7%) to 5,083, while in Frankfurt the DAX fell 186 points (1.6%) to close on 11,640.

Meanwhile in New York the Dow Jones was trading 188 points (1%) lower at 18,043 by mid-afternoon there, while the Nasdaq was down 54 points (1.1%) at 5,035.

Earlier in Asian trade, Tokyo's Nikkei index inched 24 points (0.12%) higher to close at 20,437 in an eight-day winning streak that saw the benchmark index hit a fresh 15-year. The Hang Seng index in Hong Kong was up 257 points (0.9%) to end at 28,252 as it re-opened after a long weekend.