Irish stocks declined, with banks the primary fallers as UK peers slid on fears the government may impose a levy on lenders. Bank of Ireland and AIB, active in the UK market, recorded notable drops. In the United States, major indices opened lower after data showed headline inflation at 2.6% year‑on‑year in July, unchanged from June, while core inflation rose to 2.9% from 2.8%. Investors saw potential for a Federal Reserve rate cut but grew concerned tariffs may be filtering through to consumers. Nasdaq, Dow and S&P 500 all fell, and several Irish banks slipped.
In the United States, the main indices opened down. The falls came as a key measure of inflation remained steady, but by other reckoning, it advanced. The Commerce Department said that prices climbed 2.6pc in July compared to a year earlier. That was the same rate of increase seen in June.
But stripping out what are typically more volatile energy and food costs, prices were 2.9pc higher in July, compared to a 2.8pc increase in June. While the inflation figures are encouraging for investors hoping for a rate cut from the Federal Reserve next month, they also raised concerns that the impact of tariffs may be finally starting to filter through to consumers.
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