Apple’s shares climbed to a record high, dethroning Microsoft for the first time in five months, as the iPhone maker’s market valuation rose to $3.24 trillion . Photograph: Ian Bates/The New York Times
Global sentiment remained upbeat after data showed US consumer price growth eased by 0.1 percentage point on the month to 3.3 per cent in May, while underlying inflation pressures abated last month. Traders boosted bets that the Fed will cut interest rates by September following the data.The Iseq All-Share index rose 1.1 per cent to 9,681.21. Home builders were among sectors in demand as investors became more optimistic about rate cuts internationally. Cairn Homes added 1.2 per cent to €1.
Meanwhile, UK data showed that economic output was flat in April and the rebound in the economy came to a halt. In corporate news, life insurer Legal & General lost 5.5 per cent after planning a £200 million pound share buyback and a merger of its investment units.European automakers such Volkswagen and BMW slipped around 1 per cent each on fears of Chinese retaliation after the European Commission said it would impose duties on imported Chinese electric vehicles.