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$650 Billion Is Still Bearish. Sort Of.
For all the talk of a "FOMO"-driven equity rally, plain old fear is still more pervasive than greed.
Or at least in the minds of some 250 respondents who participated in the July vintage of BofA's closely-watched Global Fund Manager survey, which the bank's Michael Hartnett described as still bearish (like him).
Although profit expectations were the least pessimistic in 17 months, a net 60% still see global growth decelerating.
The current conjuncture, characterized by subdued growth expect
“Hartnett called it “capitulation,” and noted that the last three months represent the most dramatic rotation away from commodities in a decade.” So you are telling me there won’t be a commodities super cycle after all? Narratives are shifting very fast indeed, to me commodities are starting to look attractive here but just as a trade, until the never landing recession finally arrives.