While a majority of investors see European equities falling in the coming months due to monetary tightening, fading bets that the economy will be tipped into recession over the next year have led an increasing number to take a more optimistic view on stocks in the medium term, BofA strategists led by Andreas Bruckner said in a note.
This year’s rally in European equities has largely run aground over the summer after the European Central Bank pressed ahead with its mission to tame inflation with a series of interest rate hikes. Investor concerns over growth were apparent in Bank of America’s survey, with 89% of respondents expecting a further slowdown in Europe’s growth momentum over the next six months.
In a broader global survey, BofA found that concern over China’s sputtering economy has triggered a record switch in investors’ equity allocation away from emerging markets to the US.
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