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Retail traders are expanding beyond U.S. technology as European equity indices and gold attract greater attention. Strong revenue from Alphabet and Tesla has not prevented selling because continued artificial intelligence spending is creating uncertainty around how long the investment cycle will last. At the same time, higher interest rates are supporting parts of the European market with greater banking exposure. Gold has also returned to focus after a sustained period of volatility.
Alex Ridgers, Global Head of the Retail Dealing Desk at StoneX, oversees execution and client flow management across foreign exchange, equities and other markets for retail clients. His coverage of pricing, execution quality and market access includes the positioning shifts taking place across U.S. technology stocks, European indices and precious metals.
European equity indices are gaining visibility as higher interest rates support markets with greater banking exposure. The Italian index has risen 20% from its March low, while Spain is up approximately 17% to 18% over the same period. “The winners are really almost the rates now. We’re seeing rates being higher for longer, and that’s really driving certain indices”, Ridgers said. Retail positioning remains relatively small in Spain and Italy, but both markets are beginning to appear more clearly alongside established interest in France and Germany. France is attracting positive positioning, whereas clients remain cautious toward Germany because of weaker exports and pressure on its automotive industry.
Gold is attracting renewed retail buying after breaking out of a repeated pattern of volatility. The metal had retreated sharply following its earlier rally, but persistent inflation concerns have returned attention to real assets. According to Ridgers, “It just seems to me inflation’s not going away. It’s coming back”. Retail clients had bought $120 million of gold by the morning of the conversation, demonstrating the scale of renewed interest. The buying indicates that traders increasingly see the retreat as an opportunity rather than the end of gold’s broader appeal.
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--- Written by Gus Farrow, Senior Manager, StoneX Media
--- Expert: Alex Ridgers, StoneX Global Head of Retail Dealing
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