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Retailers lead early charge higher
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FTSE, ISEQ among outperformers
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China COVID rules loosen, investors scour Fed minutes
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BIG LOVE FOR BIG TECH EVEN IN BIG, BAD 2022 (1005 GMT)
Big Tech may have had a dismal 2022, but that did nothing to dim the love that UK retail investors have for the sector. The three most popular stocks among UK-based users of eToro at the end of 2022 were Tesla, Amazon and Nio – the same three as at the end of 2021, according to data from the online broker.
Tesla lost 70% of its value last year, as did the U.S.-listed shares of Chinese EV maker Nio. Even Amazon shares fell 50%.
iPhone maker Apple was the fourth-most popular, followed by Facebook parent Meta and with GameStop , the meme stock at the heart of early 2021's massive short squeeze, in sixth place.
"2022 was an exceptionally poor year for investments, and for some of our users, it will be the biggest bear market that they have experienced," eToro global market strategist Ben Laidler said.
"But when we look at these names - Apple, Microsoft, Meta, Alphabet - we are talking about giants with fortress balance sheets, structural growth outlooks and now cheaper valuations, which will have encouraged more to buy in," he said.
British retail investors kept hold of some the big pandemic stay-at-home tech stocks, such as PayPal, Google parent Alphabet and Palantir.
In fact, just three UK-listed companies made it into the top 20 of what eToro calls "UK DIY" investors' holdings - aerospace engine maker Rolls Royce, British Airways owner ICAG and budget airline easyJet.
The question is - did those bets pay off? Not a single stock in the top 20 delivered a positive return in 2022. But two out of the top five "least-badly" performing stocks were ICAG and Rolls Royce. Stay-at-home stocks: 0; reopening stocks: 1.
UK RETAILERS - SHOP 'TIL YOU DROP (0927 GMT)
UK stocks are outperforming the rest of Europe this morning, thanks to a sizzling start to the day from retailers. High-street fashion retailer Next rose by more than 9% at one point after boosting its pre-tax profit forecast for this fiscal year, despite the recession hitting cash-strapped Brits. Online rival ASOS is up nearly 3%, while food retailers Marks & Spencer and Greggs are up by 4% and 1%, respectively.
This is helping push the FTSE up 0.3%, making it one of the top performing indices today, after Dublin's ISEQ , which is up 1% thanks to a 5.4% leap in Ryanair , after the budget airline raised its profit target for its current fiscal year. Spain's IBEX is up 0.4%, while the broader STOXX 600 is down 0.1%.
EARLY SQUAWK FROM FED HAWKS (0727 GMT)
European equities are heading for a more muted start to the day today, cutting short this week's three-day rally. Last night's minutes from the Fed's most recent policy meeting contained a warning to markets that getting too optimistic about the likely path of interest rates could backfire.
STOXX 50E futures are down 0.3%, while DAX and FTSE futures are off between 0.1-0.2%.
Natural resources look like they might be mixed as China further dismantles its COVID restrictions - bullish copper, iron ore, coal etc - while an unexpected build in U.S. oil inventories might dent some of the enthusiasm in the oil and gas sector.
Later today, we've got PMIs for the euro zone, as well as individual ones for Germany, France, Italy and the UK, among others. With any luck, they'll confirm what yesterday's indicators did - that the economy is in recession, but it's not quite as bad as many had feared, especially as power and gas prices are in retreat thanks to a milder start to the winter.
