• Mon. May 27th, 2024

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

Byeditor

Mar 25, 2024

Europe woke up in the morning, with the Bank of America’s portfolio manager survey indicating an improved economic outlook for the region within a year. The FTSE 100 in London and the DAX in Frankfurt were both up by 0.1 percent, while the CAC 40 in Paris remained stable.

According to a recent Bank of America portfolio manager survey, a net 21 percent of respondents expect Europe’s economic outlook to improve in the next 12 months. This positive sentiment is the first of its kind in nearly two years, as reported by Bloomberg news agency. 45 percent of survey 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.

This morning, Bloomberg reported that Swedish real estate company SBB 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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