Equities Receive Some Capitulation Support from the BofA Fund Manager Survey

Global fund managers refocus on European over U.S. equities

Highlights

• Global fund managers refocus on European over U.S. equities

• Dollar sinks amid bullish moves in sterling, euro, and the loonie…

• … while gold shines amid geopolitical risk

• U.S. reciprocal tariffs on April 2^nd will be messy

Key Takeaways

• No Clarity Yet on a Market Rally Attempt: There were some important messages in yesterday’s market action, but what is not yet clear is whether a serious rally attempt is underway (will require more follow-throughs, which were absent yesterday) or whether we are still in correction mode (which would require the recent lows to be undercut).