European markets closed higher on Tuesday, driven by a steady inflation rate and positive economic sentiment. While the US market saw a sell-off due to concerns about rate cuts, UBS remains optimistic about US equities and AI-related investments.
European markets closed higher on Tuesday as investors in the region digested the latest inflation data that showed consumer prices in the euro zone rose to 2.4% in December, up from 2.2% in November. The print — which was in line with expectations, according to a Reuters poll of economists — was lifted by high services costs and rising energy prices.Four ETFs in Europe and North America have beaten the S&P 500 over the past five consecutive years, according to a CNBC Pro screen. The U.S.
benchmark rose by 23.3% in 2024 and 24.2% the previous year, making it particularly challenging for funds to outperform. It's only theDespite expensive valuations, UBS continues to view U.S. equities and artificial intelligence-exposed parts of the market as attractive. The firm predicts earnings growth to drive another year of'concentrated returns,' continuing 2024's 'Mag 7' leadership. 'U.S. equity valuations are higher than average, but historically valuations have had very little correlation with returns over the next 12 months. Instead, profit growth matters more,' David Lefkowitz, CIO head of US equities for UBS, wrote in a Monday note to clients.'We think the bull market remains intact driven by solid economic and corporate profit growth.'earnings per share growth of 9% this year, remaining bullish on stocks overall even as the firm expects periods of volatility in the year ahead.Goldman Sachs is bullish on one of Italy's cable manufacturing giants.Traders will be keeping an eye on European consumer confidence and economic sentiment data. On the earnings front, Shell is set to release its fourth-quarter update.Stocks making the biggest moves after hours: Cal-Maine Foods, AAR Corp and mor
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