Amid Euphoria In US, European Equity Managers Still Very Cautious

While US investors seem to be bullish on the outlook for equities, it seems European equity managers are more cautious on the outlook for stocks in the year ahead.

Earlier this week, Bank of America issued its weekly client flow trends report, which showed that private clients purchased a net $1.3 billion of stocks last week with ETF net buys surging to the highest level since January and hitting the third highest level in BoA’s data set. This buying means that private clients have acquired a net $7.9 billion of equities including ETFs year-to-date, the highest level of buying since 2008.

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However, European equity investors seem to be more skeptical about the current market rally. According to BoA's latest European Fund...