- Global equities on the front foot
- Nvidia’s tech roadmap accelerates at pace
- Copper hits new highs
- Oil prices ease after a surprise rise yesterday
- Next delivers some festive cheer
Matt Britzman, senior equity analyst, Hargreaves Lansdown:
“Global equities are starting the day on the front foot, with markets largely brushing aside the uncertainty stirred up by US moves in Venezuela. European and UK indexes are trading higher, and US futures are pointing to a positive open, hinting at a broadly upbeat mood to kick off the day.
Nvidia’s CES update was all about momentum, showing just how fast it’s pushing the next wave of AI technology forward. Its next-gen Vera-Rubin chip stack is already rolling off the production line and set to reach customers later this year, promising yet another leap beyond today’s Grace-Blackwell systems. The company also lifted the curtain on tools designed to help robots learn more naturally and shared fresh progress in self‑driving tech – including Mercedes cars using Nvidia systems that begin shipping this quarter. Put together, the rapid pace of innovation should give investors growing confidence in the outlook for 2026 and Nvidia’s longer-term competitive moat.
Copper pushed through $6 a pound to fresh record highs, driven by expectations that global supply will tighten further this year, and worries that potential new US tariffs on refined metals could squeeze major hubs like London and Shanghai. Demand remains solid too, with copper right at the heart of power‑grid upgrades, renewable energy build‑outs and the surge in data‑centre construction. It’s a backdrop that plays neatly into the hands of the big miners, many of whom have been pivoting hard toward copper in recent years and now look well positioned to benefit from prolonged higher prices.
Oil eased back this morning with Brent around $61.60 a barrel, giving up a bit of Monday’s surprise jump as traders weighed what US pressure on Venezuela really means for supply. With the country pumping less than 1% of the world’s oil after years of underinvestment, any major near-term disruption looks more bark than bite. Adding to the softer tone, Saudi Arabia cut prices to Asia again, and OPEC+ stuck to its cautious stance, keeping supply steady in a market that already feels well stocked.”
The author holds shares in Nvidia.
Aarin Chiekrie, equity analyst, Hargreaves Lansdown:
“Next’s Christmas trading update gave investors plenty to be jolly about, capping a solid year 2025 for the UK fashion powerhouse. In the nine weeks to 27 December, full-price sales rose by 10.6%, ahead of the group’s previous upgraded guidance for 7.0% growth. The better-than-expected finish to 2025 saw the UK fashion powerhouse upgrade its profit guidance once again. Full-year pre-tax profits are now expected to come in at around £1.15bn, marking the third profit upgrade in a little over five months.
Unwrapping some of the headline figures, sales growth continues to be driven by its online channel, which already accounts for more than half of group sales. Within that, overseas sales have continued to grow at an eyewatering pace, up 38.3% over the festive period, helping to buoy the more sluggish growth of just 1.4% in its retail stores.
Next also gave a sneak peek into its outlook for the new financial year, with pre-tax profits forecast to grow by 4.5% to around £1.2bn. The slowdown comes as this year’s numbers have benefited heavily from both favourable summer weather and major disruption at M&S. But with Next’s track record of under-promising and over-delivering, this growth target looks a touch conservative. Next remains one of the brightest sparks in the UK retail scene, and there’s potential for more success if it can continue nailing its overseas expansion.”
