Bank of America, Money Managers Bearish Global Economy
Bank of America, Money Managers Bearish Global Economy
BAC
Money managers are still Bearish on the global economy, sentiment is improving, that according to the Bank of America Merrill Lynch Fund Manager Survey this December.
Forty per cent of the 255 managers polled believe global growth will increase in the next year. While that number is nothing to write home about, it’s up from 34% in November and just 20% in October.
Money managers are much more enthusiastic about China’s economy, with a net 67% expecting its growth to accelerate next year, up from 51% last month.
Despite that sentiment, the managers are not so hot on resources stocks, with the sector at its lowest allocation in 4 yrs.
“They are saying we feel good about the Chinese growth story, but they are not betting on materials stocks and energy,” Kate Moore, BofA Merrill Lynch global equities strategist, said.
That should make these stocks attractive for investors next year, she says.
As for the Fiscal Cliff, the proportion of managers who see it as the markets’ biggest risk dropped to 47% from 54% in November.
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