More from the BoA / Merrill Lynch Global Fund Manager Survey for May
Some interesting points:
Expectations for global economic growth:
- Net 70% of those surveyed are looking for "stronger" growth, only 11% are expecting "weaker"
On inflation expectations:
- Recovering oil prices has pushed up inflation expectations to a 10-month high
- Net 68% say inflation to rise in the next 12 months
- Net 77% expecting higher long-term rates in 12 months time
Volatility:
"Investors think bonds, not equities, are most vulnerable to rise in volatility in 2015"
Oil:
- "As oil prices stabilize, only a net 13% of investors think oil is undervalued in May, the lowest percentage in eight months"
And, finally .... FX:
- US dollar seen as the "least overvalued since February 2015"
- The "bullish dollar sentiment unwind still has some ways to go"