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"