FT News Briefing Big Tech props up US stocks
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Apr 28, 2023 The podcast dives into the recent surge of Russia's stock market, revealing a haven for trapped investors. It paints a vivid picture of Big Tech's crucial role in propping up US stocks, even as smaller businesses face tough times. Listeners learn about the impressive resilience of major tech firms amidst layoffs and how the commercial real estate sector in Europe is grappling with a historic decline. The discussion also touches on fears of recession, dissecting investor sentiment and unique trends in Chinese consumer behavior.
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Russian Stock Market Rebound
- Russia's stock market has rebounded to its highest level in over a year, driven by trapped capital.
- Retail investors, restricted from moving money abroad, are investing in cheaper Russian stocks like Lukoil and Gazprom.
European Commercial Real Estate Slump
- European commercial real estate deals hit an 11-year low in Q1 2023, down 62% from last year.
- Uncertainty about property values, recession fears, rising interest rates, and the shift to remote work contribute to the decline.
Big Tech Boosts US Stocks
- Big tech earnings reports propelled U.S. stocks to their best day since January.
- Companies like Meta, Alphabet, Microsoft, and Amazon exceeded expectations, bolstering the overall market.