Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow

The monthly BofA survey of global fund managers found a lot of bullishness,

“Most bullish FMS [fund manager survey] in 2 years, cash levels cut to 4.2% from 4.8% as global growth expectations hit 2-year highs and investors go all-in on US tech … For first time since Apr’22, investors not predicting recession … asked for path of economy this year, 2/3 of investors say ‘soft landing,’ 1/5 say ‘no landing,’ 1/10 say ‘hard landing’ … Lower interest rates the catalyst for optimism: just 4% expect higher short rates, just 7% expect higher inflation and 85% say yield curve will steepen … ‘Long Magnificent 7′ most crowded trade since “long US$” in Oct’22 (= big inflection point); ‘short China stocks’ 2nd most crowded trade and 1/4 say structural UW [underweight] of China is right strategy … FMS Contrarian Trades: for ‘hard landing’ – long cash, defensives & short US/Japan & tech stocks; for ‘no landing’ – long commodities, energy, US$ & short bonds”

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Wells Fargo analysts Mason Mendez and John LaForge believe we remain in the early stages of a commodity super-cycle,

“As a refresher, commodities are assets that move together through long-term boom (bull) and bust (bear) periods, known as super-cycles.…

This data comes from the ChinaPulse.com media intelligence and smart news insights monitoring platform.