European economic prospects improve, survey shows
In the morning, Europe was looking towards a positive economic outlook. According to a survey conducted by Bank of America’s portfolio managers, Europe’s economic prospects were expected to improve within the next year. The FTSE 100 in London and the DAX in Frankfurt were both slightly up, while the CAC 40 in Paris remained stable.
The survey revealed that a net 21 percent of respondents anticipate an improvement in Europe’s economic outlook over the next 12 months – the first positive indication in nearly two years. Participants also expressed optimism that cyclical stocks would outperform defensive ones as lending becomes more accessible. This sentiment is reflected in the market, where the preference for cyclicals over defensives is at its highest since January 2022.
European companies are showing signs of recovery as restrictions ease and consumer spending increases. In other news, Swedish real estate company SBB announced the purchase of its bonds worth approximately 163 million euros to reduce its debt burden. This move caused SBB’s shares to rise by 11.8 percent on the Stockholm Stock Exchange. Meanwhile, Deutsche Telekom revealed plans to increase its share buyback program from 250 million euros to 800 million euros, though its stock price saw a slight decrease.
Looking ahead, futures suggest a bearish opening for Wall Street, with the S&P 500, Nasdaq, and Dow Jones futures all showing a decline. Despite the market news, various listings related to electronic devices, firearms
