Stocks fall following US Fed meeting
Stocks fell as a report issued on the US Federal Open Market Committee’s Jun 19-20 meeting disappointed investors looking for a stronger signal that additional stimulus was likely. After a long delay in its release, the CSO published first-quarter national accounts data yesterday morning. There was a significant upward revision to last year’s data but a weak Q1. GDP is estimated to have grown by 1.4% in 2011, double the previous estimate. The upgrade to GDP mainly stems from a higher estimate of export growth, which is estimated to have increased by over 5.1% in 2011.
In the financial sector, Bank of Ireland slipped 0.5c to 8.8c. AIB fell 0.1c to 5.7c. Permanent TSB was unchanged at 2.2c, while Insurance Group FBD Holdings dipped 2.1c to €7.849.
