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Markets continue recovery

by LLB Reporter
2nd Feb 22 9:36 am

The rebound in US shares continued again last night, helping to lift investor confidence and that’s spread across Asia and Europe on Wednesday with another day of markets pushing ahead.

“While we’re still some way off reclaiming all the territory lost at the start of the year, the fact that equity markets have stabilised shows that investors still have an appetite for risk, and they are now sifting through the wreckage to see if there are any bargains to be had.

“The FTSE 100 advanced 0.4% to 7,565, led by Ocado which jumped 7.2% after a big ratings upgrade from Credit Suisse which believes the company’s improved technology system could result in deeper relations with existing clients,” says Russ Mould, investment director at AJ Bell.

“Across the pond, Alphabet smashed expectations which led to a 9.2% jump in its share price in after-hours trading. Interestingly, it made more revenue from YouTube advertising ($8.6 billion) in the fourth quarter of 2021 than Netflix’s revenue for the same period ($7.7 billion). There is a significant cost difference between the two platforms in terms of creating content, suggesting that Alphabet is the true king of the streaming wars.

“PayPal’s shares slumped 17.9% in after-hours trading on Nasdaq after flagging a further slowdown in spending on its platform. And in Japan, Spiderman came to the rescue of Sony which jumped 4.9% after the company raised its profit guidance thanks to the blockbuster success of the No Way Home film.”

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