inquérito da Merryl a gestores de fundos...
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cá tá o "desenvolve" :)
Managers show stock appetite waning - Merrill June survey: Cash levels are down
By Emily Church, CBS.MarketWatch.com
Last Update: 9:31 AM ET June 17, 2003
LONDON (CBS.MW) - Global fund managers appear to be losing an appetite for chasing stocks higher, a survey released on Tuesday showed.
A Merrill Lynch survey of 270 asset managers in early June showed cash levels at a two-year low and that 71 percent of the managers now view global stock markets as fairly valued or overvalued.
The combination could signal trouble for the rally in stocks since the last survey in May. "The survey makes for a compelling case for adopting a more cautious stance on stocks," David Bowers, chief investment strategist at Merrill, told clients Tuesday.
"Institutional investors are telling us they see little value left in the market and that they are currently fully invested in the market too," he said.
Merrill queried the managers, who invest $561 billion in all, from June 5-12. The S&P 500 rallied 7.7 percent from April 30 close to June 6.
Reflecting the rally, Merrill found that the average cash balance declined in the June survey to 3.9 percent from 4.9 percent in May and 5.4 percent in March.
Expectations for growth and profits were seen to be improving, but a "major shift" in growth expectations has not materialized, Merrill said. The mean expectation for GDP growth over the next year in the G-7 nations rose to 3.3 percent from 3.1 percent in May and 2.9 percent in March.
Managers in June said they were expecting average earnings per share growth of 7.8 percent over the next 12 months, up from 7.5 percent in May. Yet most managers continued to cite lower costs as the most positive contributor to earnings growth. Only 4 percent cited higher selling prices.
Souring on eurozone
Looking at regional preferences, the managers made clear they were souring on eurozone prospects. The 12-member nations of the eurozone were seen as having the least favorable outlook for profits, trumping even Japan. A net 45 percent of the managers said the eurozone had the least favorable outlook, up from a net 25 percent in May.
They were also beginning to view the equity markets in the eurozone as more overvalued. A net 3 percent said that the eurozone was the most overvalued. Still most managers continue to view the U.S. market as the most expensive.
On currencies, a net number of fund managers continue to term each the major currencies 'overvalued.' A net 18 percent said they viewed the euro as overvalued, up from a net 8 percent in May. The euro struck an all-time high vs. the dollar in the last week of May.
For the first time, Merrill asked the managers about emerging markets currencies. Of the 42 percent of managers who responded, a majority termed emerging markets currencies 'undervalued,' Merrill said.
By Emily Church, CBS.MarketWatch.com
Last Update: 9:31 AM ET June 17, 2003
LONDON (CBS.MW) - Global fund managers appear to be losing an appetite for chasing stocks higher, a survey released on Tuesday showed.
A Merrill Lynch survey of 270 asset managers in early June showed cash levels at a two-year low and that 71 percent of the managers now view global stock markets as fairly valued or overvalued.
The combination could signal trouble for the rally in stocks since the last survey in May. "The survey makes for a compelling case for adopting a more cautious stance on stocks," David Bowers, chief investment strategist at Merrill, told clients Tuesday.
"Institutional investors are telling us they see little value left in the market and that they are currently fully invested in the market too," he said.
Merrill queried the managers, who invest $561 billion in all, from June 5-12. The S&P 500 rallied 7.7 percent from April 30 close to June 6.
Reflecting the rally, Merrill found that the average cash balance declined in the June survey to 3.9 percent from 4.9 percent in May and 5.4 percent in March.
Expectations for growth and profits were seen to be improving, but a "major shift" in growth expectations has not materialized, Merrill said. The mean expectation for GDP growth over the next year in the G-7 nations rose to 3.3 percent from 3.1 percent in May and 2.9 percent in March.
Managers in June said they were expecting average earnings per share growth of 7.8 percent over the next 12 months, up from 7.5 percent in May. Yet most managers continued to cite lower costs as the most positive contributor to earnings growth. Only 4 percent cited higher selling prices.
Souring on eurozone
Looking at regional preferences, the managers made clear they were souring on eurozone prospects. The 12-member nations of the eurozone were seen as having the least favorable outlook for profits, trumping even Japan. A net 45 percent of the managers said the eurozone had the least favorable outlook, up from a net 25 percent in May.
They were also beginning to view the equity markets in the eurozone as more overvalued. A net 3 percent said that the eurozone was the most overvalued. Still most managers continue to view the U.S. market as the most expensive.
On currencies, a net number of fund managers continue to term each the major currencies 'overvalued.' A net 18 percent said they viewed the euro as overvalued, up from a net 8 percent in May. The euro struck an all-time high vs. the dollar in the last week of May.
For the first time, Merrill asked the managers about emerging markets currencies. Of the 42 percent of managers who responded, a majority termed emerging markets currencies 'undervalued,' Merrill said.
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inquérito da Merryl a gestores de fundos...
creio que a 270
2 conclusões que a repórter de serviço da cnbc falou:
- 2/3 consideram o mercado sobrecomprado
- na generalidade não têm cash em excesso para investir mais.
fica o dito.
Cump.
2 conclusões que a repórter de serviço da cnbc falou:
- 2/3 consideram o mercado sobrecomprado
- na generalidade não têm cash em excesso para investir mais.
fica o dito.
Cump.
-
Info
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