Europe’s Economic Outlook Improves as Global Markets Gain Steam, Despite Differences in Sentiment Across Continents

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

Europe’s economic outlook is looking brighter, according to a recent survey by Bank of America. The survey indicated that a net 21 percent of respondents expect Europe’s economic outlook to improve in the next 12 months, marking the first positive sentiment in nearly two years, as reported by Bloomberg news agency.

In London, the FTSE 100 was up by 0.1 percent, while the DAX in Frankfurt also rose by 0.1 percent. However, the CAC 40 in Paris remained stable. According to the survey, 45 percent of 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.

Meanwhile, SBB, a Swedish real estate company, announced it is buying back its bonds worth approximately 163 million euros to reduce its debt burden. On the other hand, Deutsche Telekom, the German telecommunications operator, increased its share buyback program from 250 million euros to 800 million euros. Futures markets indicate a bearish opening for Wall Street as S&P 500 and Nasdaq futures are slightly down and Dow Jones futures are also lower.

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