The volatility in global financial markets hasn’t derailed investor optimism around U.S. technology behemoths or expectations of a soft economic landing, according to a global survey by Bank of America Corp.
The Nasdaq MarketSite in New York, US, on Monday, Aug. 5, 2024. --
Large-cap growth stocks — dominated by tech — were still viewed as the likely leaders of a new U.S. equity bull market, although conviction eased to 36 per cent from 47 per cent in July. The survey, which canvassed 189 participants with US$508 billion in assets, showed expectations of a soft landing jumped to 76 per cent from 68 per cent in July. Still, global growth expectations fell sharply, with a net 47 per cent of respondents now expecting a weaker economy in the next 12 months. A U.S. recession replaced geopolitical conflict as the biggest tail risk.
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