Bits & Pieces
Edition #289 | 24/07/2026
Most traded | Markets & Macro | Uber | Chart of the Week | Consumer staples ETFs | Retirement Planning in Focus
The World Cup may be fading into the rear-view mirror, but all eyes remain firmly on the United States. The first of Wall Street’s tech titans have opened their books, offering investors an early glimpse into the earnings season. The rest of the Magnificent Seven will report next week. Is the AI rally built to last? Will central banks provide another tailwind—or become a headwind instead? Right now, plenty of question marks are hanging over global markets. All the more reason to have an answer mark in your portfolio. And surprisingly, a trip to the supermarket might provide some inspiration. Also in this edition: why Uber loves Berlin—and why H&M is studying the weather.
Note: The data refers to the ratio of purchases and sales of the 100 most traded stocks on Scalable Broker between 17/07/2026 and 23/07/2026.
In the spotlight: Walt Disney
Thanks to a new partnership with Kraft Heinz, Walt Disney is set to benefit from future supermarket and streaming promotions, creating additional opportunities to extend the reach of its brands beyond traditional entertainment channels. The investment case is not just about marketing, however. Fundamentally, the media giant continues to deliver. For 2026, adjusted earnings per share (EPS) are seen to grow by around 12%, with another year of double-digit earnings growth forecast for 2027.
Higher for Longer
As recently as late 2025 and early 2026, many market participants expected central banks to continue easing monetary policy. Today, the prevailing narrative is very different switching to: higher for longer.
Several developments this week reinforced that view. New US tariffs and ongoing tensions around the Strait of Hormuz have raised concerns that the path toward lower inflation may prove more difficult than hoped. The European Central Bank also offered little reassurance. While it left interest rates unchanged, policymakers warned of persistent inflation risks and the impact of rising energy prices.
At the same time, earnings season has entered its most important phase. Tesla and Alphabet kicked off reporting for the Magnificent Seven on Wednesday evening, and investors are searching their results for answers to two crucial questions: Can AI generate profits as well as costs? And will the global economy prove more resilient than feared?
The two technology giants delivered a mixed picture. Alphabet reported results that comfortably exceeded expectations, strengthening confidence that its multi-billion-dollar AI investments are beginning to pay off. Tesla, by contrast, missed earnings forecasts, highlighting the challenges more cyclical industries are facing where demand remains uneven and margin pressure persists. At the same time, revenue came in ahead of expectations, suggesting that fears of a dramatic slowdown in demand may be overstated.
Yet both stocks fell after releasing their results. Investors seemed to be sending a clear message: they increasingly want to see cash flows, not just AI spending.
The broader lesson is as familiar as it is uncomfortable. Monetary policy does not operate according to the wishes of financial markets. What may disappoint investors in the short term could ultimately prove beneficial for the economy. If inflationary pressures remain persistent, higher interest rates would not represent a policy mistake by central banks - they would be part of the solution.
Shopping Spree
Drive and Dine is the strategy. US mobility platform Uber is looking to significantly expand its delivery business - which includes Uber Eats - and plans to acquire Berlin-based rival Delivery Hero. To get the deal done, Uber is digging deep into its pockets, offering €41.50 per share, a premium of roughly 34% to Delivery Hero’s average share price over the past three months. In total, Uber is prepared to spend around €13 billion. The acquisition would provide access to roughly 50 additional markets and create one of the world's largest mobility and delivery platforms outside China.
- A New Heavyweight: The combined company would operate in 99 countries, strengthening Uber's competitive position against rivals such as DoorDash, particularly in the United States. Together, Uber and Delivery Hero would generate more than $200 billion in Gross Bookings, creating a formidable global player across both ride-hailing and food delivery.
- Strong Momentum: The underlying business is already performing well. In the first quarter of 2026, Uber completed 3.6 billion rides and deliveries, an increase of 20% compared with the previous year. Adjusted EBITDA rose 33% over the same period to approximately $2.5 billion.
While higher fuel prices could increase costs in the ride-hailing business, Uber still expects Gross Bookings to grow by 18% to 22% in the second quarter compared with a year earlier. For now, most analysts continue to see further upside potential in the stock.
No More Shredding
Recorded inventory for FY 2025 of H&M, Inditex, and Fast Retailing
Source: H&M, Inditex, Fast Retailing
Since last Sunday, a new rule has been in force across the European Union: fashion companies are no longer allowed to destroy unsold clothing. Previously, disposing of excess inventory was often cheaper—and therefore more attractive—than donating or storing it. The reason is simple: unsold goods can lead to inventory write-downs, which are recorded directly as expenses and reduce reported profits. Neither investors nor lenders tend to appreciate that.
The scale of the issue becomes clear when looking at company balance sheets. At the end of the 2025 financial year, H&M, Inditex (the parent company of Zara), and Fast Retailing (owner of Uniqlo) collectively held more than €9 billion worth of inventory on their books (see chart). Included in that figure is so-called deadstock—seasonal clothing that failed to sell and continues to tie up capital. Companies rarely disclose exactly how much of their inventory falls into this category, but all major retailers are working to keep it under control.
- H&M relies on AI-powered purchasing and inventory planning. Its algorithms analyse weather patterns, social-media trends, and real-time sales data to help adjust production levels.
- Inditex, meanwhile, uses a just-in-time replenishment model, producing smaller batches and restocking quickly in response to demand.
- Fast Retailing has taken a different approach. The company appears relatively comfortable with inventory growth, which increased by 9% as Uniqlo continues its expansion across Europe and North America. Even so, the numbers suggest that overproduction remains under control. In 2025, only 1.6% of Fast Retailing's total inventory value—equivalent to roughly €47 million—was written down as unsellable.
Returns from the Supermarket Aisle
Making the right investment decisions is no easy task in turbulent times. Yet there are still a few places investors can look for shelter—and one of them is probably more familiar than you think: the supermarket. Its shelves are lined with companies that have historically offered a combination of steady dividends and relatively low volatility. Consumer staples have long served as a defensive anchor in investment portfolios. After all, people continue to eat, clean, and shop regardless of the economic backdrop. Investors looking to avoid the risks associated with individual stocks can gain exposure through broadly diversified sector ETFs.
The Xtrackers MSCI World Consumer Staples UCITS ETF provides access to consumer goods giants from developed markets around the world. Its holdings include Procter & Gamble, the company behind brands such as Head & Shoulders and Pampers, as well as Walmart—the largest retailer in the United States and a well-known dividend payer—and Britain's Unilever. That said, the fund has a clear US tilt, with American companies accounting for more than 60% of the portfolio.
Investors seeking to reduce that concentration can complement it with the iShares MSCI Europe Consumer Staples Sector UCITS ETF, which focuses on European heavyweights such as Nestlé, L'Oréal, and Lindt & Sprüngli. Meanwhile, the Amundi S&P Global Consumer Staples ESG UCITS ETF offers a globally diversified basket of consumer staples companies screened according to sustainability criteria.
Product-Highlight
The Cure for Tech Fever?
When the Magnificent 7 catch a cold, the entire S&P 500 can sometimes come down with a fever. The best antidote is diversification. And one way to balance exposure to the "new world" of US technology is to add a healthy dose of the "old world."
The Vanguard FTSE Eurozone UCITS ETF provides exactly what many portfolios with a heavy US tech bias are missing: established business models and market leaders from across the euro area. As of the end of June, financials accounted for roughly 26% of the portfolio, making them the largest sector exposure. Industrials followed at around 19%. Investors do not have to give up on the future, however. Technology-related companies still represent approximately 16% of the fund, reflecting the important role European semiconductor and technology specialists play in the ongoing AI boom.
The ETF currently holds nearly 290 large- and mid-cap companies from across the eurozone. Although it was launched only in May this year, it has already attracted €642 million in assets under management. With a total expense ratio of just 0.07% per year, it also ranks among the most cost-effective ways to gain diversified exposure to eurozone equities.
In this section, we answer your most important questions about the Retirement Investment Account (AVD).
Is It Still Worth Opening an AVD at 38—or Even at 60?
At age 38, the AVD can be a powerful wealth-building tool. But even for people approaching retirement, the combination of government subsidies and tax deductibility can generate an attractive effective return on contributions. Benefits can be accessed no earlier than age 65, although withdrawals may be postponed until age 70 if desired. As a result, investors who open an AVD at age 60 can still benefit from government support for up to ten years.
In other words, while starting earlier allows more time for compounding to work its magic, the AVD can remain an attractive option even relatively late in one's working life.
Editorial deadline: Friday, 7 a.m.
Sources: Scalable and dpa-AFX