STOXX 600 up 0.3%
Miners and defence lead way
S&P futures up 0.3%
H&M gains after results
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BRITISH MIDCAPS COULD FINALLY SEE SOME LOVE
Britain's FTSE250 midcap index .FTMC has been long unloved by investors - it's still 17% below its late 2021 all time high, but UBS strategists are the latest to call a for a rebound in the coming months.
They note British equities trade at a discount to Europe - on both price to earnings and price to book - and "the FTSE 250 in particular offers exposure to high quality businesses at lower valuations than their large-cap peers."
"This de-rating has been structural, index declined after 2016's Brexit vote and never fully recovered, leaving UK stocks among the cheapest in developed markets."
As well as that, UBS see the macro economic picture improving, with a chance the BoE steps up the pace of rate cuts, and note that 2026 earnings projections are looking up.
"Crucially, ... the FTSE 250 shows far stronger earnings growth potential than the FTSE 100 or Europe," write UBS.
They recommend investors are overweight the FTSE 250 over the FTSE 100 and go overweight UK consumer stocks.
(Alun John)
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EARLIER LIVE MARKETS POSTS
Q1 RESULTS, AGENTIC AI AND REGULATORY TAILWINDS SUPPORT TECH OUTLOOK - FEDERATED HERMES CLICK HERE
CASE FOR ALTERNATIVES NOT SIMPLY TACTICAL, BUT STRATEGIC - HSBC CLICK HERE
THE PATH OF LEAST RESISTANCE TO TACKLE THE US TWIN DEFICITS CLICK HERE
EUROPE BEFORE THE BELL: MOVING ON UP CLICK HERE
MORNING BID: TRUMP PUNCHES AT POWELL, DOLLAR RECOILS CLICK HERE
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