Overnight, BofAML released its monthly global investor attitudes survey and it is bearish:
That may be enough to convince some that we’re at a bearish extreme and it’s time to buy stocks. Locally, UBS is one, from The Australian:
Data: “Despite an undercurrent of bearishness, Australian economic data has not been particularly bad of late.”
RBA: “This suggests a scenario where the economy is not weak enough for the RBA to cut but certainly not strong enough for rates to rise.”
AUD: “The A$ should continue to have a downward bias.”
Banks: “Bad debts in the banking sector are likely to remain benign.”
Earnings growth: “Moderate domestic growth and a lower A$ still suggests reasonable earnings growth, for the ex-resources ex-banks universe at least.”
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