Some more bits and bobs to capture the current mood among investors:
— MSCI’s all-country world stock index has recaptured all of its 2009 losses and is now working on recouping last year’s. It is up 6 percent for this year.
Merrill Lynch economist David Rosenberg's views are well-known for bearing no resemblance to his firm's trademark bull, so when he says European clients seem too upbeat, what he really means is they weren't thoroughly depressed. The New York-based economist just got back from a marketing trip across the Atlantic and didn't find much common ground.
Merrill Lynch’s monthly poll of fund managers around the world has a bit of a surprise in the small print. More investors now reckon the Japanese yen is overvalued than see it as undervalued. This is the first time this has been the case since Merrill began asking the question, said by staff to be about eight years ago.
Every month, Merrill Lynch asks a few hundred fund managers around the world what they think of the state of things. Not surprisingly, this month’s survey is probably the gloomiest yet. Everyone, says Gary Baker, the strategist charged with explaining the poll, is a macro bear suffering from hyper risk-aversion.
Bank of America’s planned $44.3 billion acquisition of Merrill Lynch is the seventh largest bank acquisition ever announced, according to Thomson Reuters Deals Intelligence. Bank of America is the fourth largest bank globally and the top US bank with a market value of US$153.9 billion.