Bank of America Corp. signage is displayed at a branch in New York, U.S., on Sunday, July 12, 2020. Bank of America is scheduled to release earnings figures on July 16. Photographer: Jeenah Moon/Bloomberg
Locked
Survey ‘screams’ capitulation with rally set for early 2023
In absolute terms, investors are most bullish on cash, health care, energy and staples, and most bearish on equities, UK and Eurozone stocks, as well as bonds.
By Farah Elbahrawy
(Bloomberg) — The sentiment on stocks and global growth among fund managers surveyed by Bank of America Corp. shows full capitulation, opening the way to an equities rally in 2023.
The bank's monthly global fund manager survey "screams macro capitulation, investor capitulation, start of policy capitulation," strategists led by Michael Hartnett wrote in a note on Tuesday. They expect stocks to bottom in the first half of 2023 after the Federal Reserve finally pivots away from raising interest rates.
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