European markets expected to recover

European markets fell by between one and 1.5% yesterday.

European markets fell by between one and 1.5% yesterday.

However, the losses are expected to be reversed today with a positive earnings report from ST Microelectronics.

In early trade this morning, markets are already slightly ahead.

Investors pulled back from equity markets yesterday in the US after a strong rally over the last two weeks.

A negative outlook from semi-conductor giant Texas Instruments caused a sell-off in that that sector and the Nasdaq closed 1.3 per cent lower, while the S & P index fell 1.1 per cent.

The Irish market bucked the weaker trend yesterday, rising over half of one per cent.

Gains in Ryanair and the financials are credited with providing the impetus there.

In foreign exchange, €1 will buy 1.73 Australian dollars or 61.4 pence sterling.

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