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Investors turn bearish on global economy though positioning upbeat - BofA survey

By Saikat Chatterjee LONDON (Reuters) -Barely a tenth of respondents in a monthly fund manager survey expect a stronger global economy in the coming months, marking the lowest...
Investors turn bearish on global economy though positioning upbeat - BofA survey © Reuters. FILE PHOTO: A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 9, 2021. REUTERS/Andrew Kelly

By Saikat Chatterjee

LONDON (Reuters) -Barely a tenth of respondents in a monthly fund manager survey expect a stronger global economy in the coming months, marking the lowest proportion since last April's initial COVID-19 panic, Bank of America (NYSE:BAC)'s (BofA's) September edition of the survey showed.

Economic growth expectations are now at a net 13%, the lowest since April 2020 and markedly down from a 91% peak in March this year. The spread of the Delta variant was cited as the reason for the pessimism, the popular monthly survey said.

Despite the growing caution on the macroeconomic outlook, positioning in asset markets remains overwhelmingly bullish.

Equity market protection designed to shield portfolios against a sharp drop in asset values was at the lowest levels since January 2008.

Nearly half of BofA's clients, with $840 billion in assets under management, said they have removed protection against a sharp fall in equity prices over the next three months, the lowest figure since January 2018.

Moreover, broader equity market positioning remains firmly bullish with net global equity allocations at 50%, far above a 20-year average of 29%, the survey said.

"A rare disconnect is growing between asset prices and fundamentals," a team of strategists led by Michael Hartnett wrote in a note to clients.

The broader market outlook remains one of greater caution with survey respondents expecting central banks to remain dovish.

Eighty four percent of investors now expect the U.S. Federal Reserve to start reeling in its stimulus measures by the end of the year, though expectations for the first U.S. rate hike were pushed out to February 2023 from November 2022 previously.

Moreover, 82% of respondents expect China to ease policy, up from 44% in July.

Global liquidity conditions were widely seen as the best since just before the global financial crisis hit world markets in July 2007. Almost 60% of respondents in the survey said monetary policy was "too simulative" which was the highest proportion since May 2011.

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27-09-2021 21:06:17 (UTC+7)

EUR/USD

1.1704

-0.0010 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.1704

-0.0010 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.3721

+0.0039 (+0.28%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

USD/JPY

110.85

+0.12 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

AUD/USD

0.7283

+0.0026 (+0.35%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/CAD

1.2647

-0.0005 (-0.04%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (2)

EUR/JPY

129.73

+0.03 (+0.02%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (0)

EUR/CHF

1.0840

+0.0017 (+0.16%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (8)

Gold Futures

1,756.35

+4.65 (+0.27%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (5)

Silver Futures

22.793

+0.368 (+1.64%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (7)

Copper Futures

4.3037

+0.0182 (+0.42%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Crude Oil WTI Futures

75.69

+1.71 (+2.31%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (6)

Brent Oil Futures

79.00

+1.77 (+2.29%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (0)

Natural Gas Futures

5.538

+0.338 (+6.50%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

US Coffee C Futures

193.93

-0.42 (-0.22%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (1)

Euro Stoxx 50

4,166.95

+8.44 (+0.20%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (3)

S&P 500

4,445.70

-9.78 (-0.22%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

DAX

15,585.85

+54.10 (+0.35%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

FTSE 100

7,062.55

+11.07 (+0.16%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

Hang Seng

24,208.78

+16.62 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,274.40

+20.52 (+0.91%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

IBEX 35

9,008.50

+135.40 (+1.53%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

BASF SE NA O.N.

64.840

+1.140 (+1.79%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (4)

Bayer AG NA

47.34

+0.86 (+1.85%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (0)

Allianz SE VNA O.N.

196.16

+3.82 (+1.99%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (2)

Adidas AG

278.77

-2.80 (-0.99%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (3)

Deutsche Lufthansa AG

6.452

+0.219 (+3.51%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (2)

Siemens AG Class N

147.15

-0.96 (-0.65%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Deutsche Bank AG

11.106

+0.271 (+2.50%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (1)

 EUR/USD1.1704↑ Buy
 GBP/USD1.3721↑ Buy
 USD/JPY110.85↑ Sell
 AUD/USD0.7283↑ Buy
 USD/CAD1.2647Neutral
 EUR/JPY129.73Buy
 EUR/CHF1.0840↑ Sell
 Gold1,756.35Neutral
 Silver22.793Neutral
 Copper4.3037↑ Buy
 Crude Oil WTI75.69Neutral
 Brent Oil79.00↑ Buy
 Natural Gas5.538↑ Buy
 US Coffee C193.93↑ Buy
 Euro Stoxx 504,166.95Buy
 S&P 5004,445.70Neutral
 DAX15,585.85↑ Buy
 FTSE 1007,062.55Sell
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,274.40↑ Buy
 IBEX 359,008.50↑ Buy
 BASF64.840Neutral
 Bayer47.34Buy
 Allianz196.16Buy
 Adidas278.77Neutral
 Lufthansa6.452Buy
 Siemens AG147.15↑ Buy
 Deutsche Bank AG11.106Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(5,665/ 5,715) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 27-09-2021 21:06:21
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,755.71+6.210.36%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
DO 0,001S-V1693017260
Dầu hỏa1564015950
ↂ Giá dầu thô thế giới
WTI$75.47-0.78-1.04%
Brent$78.92-0.91-1.17%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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