Bussiness

Stocks are hammered following bad US job numbers and Middle East fears

Published

3 months ago

August 3, 2024

Admin

Stocks are hammered following bad US job numbers and Middle East fears

Irish companies suffering big falls include Bank of Ireland, Kingspan and Kenmare

A trader watches screens on the floor of the New York Stock Exchange. US manufacturing activity dropped to an eight-month low in July. Photo: Bloomberg

Stocks dropped around the world on Friday amid fears the waning strength of the US economy could signal recession, with Irish shares among those suffering big falls.

While tech stocks were battered in the US, in Ireland the banks took the brunt of the hammering despite announcing bumper profits this week. Those profits were overshadowed by wider fears for the economy sending shares in Bank of Ireland down 6.26pc on Friday. AIB was down 3.59pc while PTSB dropped 3.46pc.