LIVE MARKETS-The more it falls, the more they want it

December 29, 2022 09:17 PM AEDT | By Reuters
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STOXX 600 unchanged


COVID surge in China weighs


U.S. stock futures inch higher

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The more it falls, the more they want it

What's that falling out of the sky? It's Tesla.

According to Vanda Research, Tesla has been the most bought stock among retail investors in the U.S. over the fourth quarter with net purchases exceeding $7 billion for the first time ever.

In the same period, Tesla has lost 57% in its biggest quarterly drop on record that wiped off north of $400 billion in market value and sent the stock to its lowest since 2020.

This clearly shows how retail traders ultimately believe Elon Musk is right in being optimistic over Tesla stock, although only time will tell whether they're right or not.

"Don't be too bothered by stock market craziness... Long-term, I believe very much that Tesla will be the most valuable company on Earth!," Musk told staff on Wednesday.

Earlier this month, Citi said Tesla could be seen as a potential contrarian buy in the year ahead.

(Danilo Masoni)



European shares got off to an unexciting start of the penultimate trading session of 2022, with most sectors heading south and dragging the STOXX 600 down to its lowest level in more than a week.

The pan-European equity index was last down 0.2% after hitting its lowest since Dec. 20, weighed down by falling heavyweight commodity stocks such as Shell and Glencore and consumer staples like Nestle and Unilever.

Tech managed to shake off its recent weakness, and rose 0.4% from a 7-week low hit on Wednesday.

(Danilo Masoni)



European shares are expected to open lower today, with worries over the spread of COVID infections in China keeping the mood subdued, as a difficult year for world stocks winds down.

EuroSTOXX 50 and FTSE futures fell 0.3% following overnight losses in Asia, where soaring COVID cases in China have cast doubt over the chances of a swift recovery for the world's No.2 economy.

Several countries including the Unite States, Japan and Italy now require negative COVID tests for travellers from China.

Meanwhile, U.S. futures wavered ahead of weekly jobless claims data later on and as investors ponder recession risks and the prospects of more rate hikes by the Federal Reserve.

The STOXX 600 is down 12.4% so far in 2022, set for its biggest annual drop since 2018, when it lost 13.2%.

(Danilo Masoni)



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