The pan-European STOXX 600
is up almost 20% from its October low and about 8% below its all-time high reached in the first quarter of 2022., the U.S. benchmark is up around 13% from its October trough and remains almost 17% below its record high. The survey also showed yen appreciation expectations at their highest level since January 2007, the month before the Bank of Japan last raised its base interest rate. The BoJ meets on Wednesday andRecession fears have faded on hopes that China's reopening from some of the world's strictest measures to contain COVID-19 will provide a boost to global growth this year, with expectations for growth in China hitting a 17-year high, according to the fund managers.
The survey also showed inflation staying high as the biggest "tail risk" and the top "contrarian trades" as being 'long' stocks, U.S. stocks and tech versus 'short' bonds, emerging market stocks and utilities.