Bank of America’s Positive Outlook for Europe’s Economy: What You Need to Know

Portfolio managers have a positive view on Europe’s economic outlook, according to Stock Exchange participants.

Bank of America’s portfolio manager survey has given a positive outlook for Europe’s economy in the next 12 months. The FTSE 100 in London and the DAX in Frankfurt were up by 0.1 percent, while the CAC 40 in Paris remained stable. According to Bloomberg news agency, this is the first time in nearly two years that a net 21 percent of respondents expect an improvement in Europe’s economic outlook.

The survey also showed that 45 percent of respondents believe that cyclical stocks will outperform defensive ones as lending becomes easier and based on purchasing manager indices, with the weighting of cyclicals higher than defensives since January 2022.

In other news today, Swedish real estate company SBB announced it would be buying back its bonds worth approximately 163 million euros to reduce its debt burden. Meanwhile, Deutsche Telekom announced an increase in its share buyback program from 250 million euros to 800 million euros. Futures markets indicated a bearish opening for Wall Street, with S&P 500 and Nasdaq futures slightly down, and Dow Jones futures lower.

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