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

Bank of America Survey Signals Positive Outlook for European Economy in Next 12 Months

The Bank of America’s portfolio manager survey has indicated a positive outlook for the European economy within the next 12 months, with a net 21 percent of respondents expecting an improvement. This marks a significant shift from previous negative sentiment and is the first such indication in nearly two years, as reported by Bloomberg news agency.

According to the survey, 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 financial news, Swedish real estate company SBB announced this morning that it is buying back its bonds worth approximately 163 million euros to reduce its debt burden. Meanwhile, Deutsche Telekom, the German telecommunications operator, announced an increase in its share buyback program from 250 million euros to 800 million euros. Futures markets indicate a bearish opening for Wall Street, with S&P 500 and Nasdaq futures slightly down, and Dow Jones futures also lower.

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