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Komfie Manalo, Opalesque Asia:

A BofA Merrill Lynch Fund Manager Survey has found that global investors are significantly more positive on the outlook for Europe after the European Central Bank’s (ECB) announcement of quantitative easing (QE) to reflate the region’s economy.

The survey was conducted from 6 February to 12 February 2015 participated by 196 panelists with $559bn of assets under management (AuM). A total of 157 managers, managing $459bn, participated in the global survey. A total of 93 managers, managing $204bn, participated in the regional surveys.

"The ECB has successfully vanquished global deflation fears and induced the return of reflation trades in February," said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Research. "Sentiment has gotten ahead of the fundamentals on European equities. It is as if there is not a single bear left. We will need to see a strong recovery very soon to keep the bulls happy," said Manish Kabra, European equity and quantitative strategist.

Profit outlook best since 2009

Europe’s profit outlook is at its best since 2009, according to panel members. A net 81% of regional specialists see the economy strengthening in the next year. Against this background, a record net 51% make the region their top pick in equi......................

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