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Three out of four respondents expect a soft/no landing, according to BofA, while participants have the smallest equity underweight positioning since April 2022.
Meanwhile, tech is at its largest overweight since December 2021, with BofA stating bear positioning was a strong tailwind for risk assets in H1, but it is “not the case in H2.”
“Global growth expectations up to net -45%, 4/10 say recession ‘unlikely,'” said the research note. BofA added that EPS optimism is at its highest since February 2022
