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    BIRG   IE00BD1RP616

BANK OF IRELAND GROUP PLC

(BIRG)
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European shares deepen losses after hawkish Fed comments

06/18/2021 | 04:40am EDT

* Basic resources stocks worst weekly performers

* Bank stocks lead losses for the day

* STOXX 600 marks worst week since late-Feb, down 1.2%

* Bank of Ireland at bottom of STOXX 600

June 18 (Reuters) - A slide in European bank and energy stocks was exacerbated by hawkish comments from a Federal Reserve official, which also saw the STOXX 600 index snap a four-week winning streak as fears of U.S. policy tightening came to the fore.

The pan-European STOXX 600 index ended 1.6% lower in its worst day in five weeks, with bank and energy stocks leading declines. The index also dropped 1.2% this week.

Sentiment was also dented by the European Union losing its bid for speedier COVID-19 vaccination deliveries from UK drugmaker AstraZeneca, which could slow the pace of a steady vaccination campaign.

The banking sector, which typically does well when interest rates are high, plunged nearly 3% as concerns over an eventual reduction in liquidity saw investors locking in recent gains.

Fed official James Bullard said the Fed could start tightening rates by as early as late 2022, calling it a natural response to economic growth and inflation moving quicker than expected, as the United States reopens from the COVID-19 pandemic.

His comments came after the Fed signalled a hawkish tilt earlier this week, which had rattled risk-driven markets.

Commodity markets were also hit by the Fed, with European energy stocks falling 2.9% on Friday, in line with lower oil prices.

Basic resources stocks were the worst performers this week, down nearly 8% as fears over Chinese caps on copper prices weighed. The sector had its worst week since the peak of the COVID-19 pandemic in March 2020.

"The market has been polarised in certain positions," said Andrea Cicione, head of strategy at TS Lombard.

"We've been very positive on financials and energy since last November and now we're seeing a reversal of that as investors scale back. But this is temporary phase; there's definitely more upside for financials and energy, which are still relatively cheap."

Germany's DAX index fell 1.8% as data showed a bigger-than-expected jump in May producer prices.

Bank of Ireland tumbled 7% to the bottom of the STOXX 600, after it announced the sale of some non-performing mortgage exposures.

Danish pharmaceutical company Orphazyme sank 44% after saying it had failed to win support from the U.S. Food and Drug Administration for its arimoclomol drug, a treatment designed for genetic disorder Niemann-Pick disease type C.

Tesco, Britain's biggest retailer, fell 4.1% as it reported a sharp slowdown in quarterly underlying UK sales growth, while car dealership Inchcape rose 3% after raising its annual profit forecast. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta, Rashmi Aich and Jonathan Oatis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC -0.47% 8253 Delayed Quote.13.22%
BANK OF IRELAND GROUP PLC -0.41% 4.362 Real-time Quote.32.73%
INCHCAPE PLC -0.77% 833 Delayed Quote.30.46%
ORPHAZYME A/S -5.27% 32 Delayed Quote.-49.66%
TESCO PLC 0.86% 234.4 Delayed Quote.0.43%
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Financials
Sales 2021 2 709 M 3 204 M 3 204 M
Net income 2021 372 M 440 M 440 M
Net Debt 2021 - - -
P/E ratio 2021 12,5x
Yield 2021 2,81%
Capitalization 4 695 M 5 545 M 5 553 M
Capi. / Sales 2021 1,73x
Capi. / Sales 2022 1,72x
Nbr of Employees 9 782
Free-Float 85,6%
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Number of Analysts 14
Last Close Price 4,38 €
Average target price 5,76 €
Spread / Average Target 31,6%
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Francesca Jane McDonagh Chief Executive Officer & Executive Director
Myles OĺGrady Chief Financial Officer & Executive Director
Patrick Thomas Kennedy Chairman
Jackie Noakes Group Chief Operating Officer
Fiona Muldoon Independent Non-Executive Director
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