Investors are becoming more cautious about the European economy, according to a survey released Tuesday, even as the region benefits from a ramp up in vaccinations and the distribution of European Union aid money.

A net 44% of European investors in August expect a stronger economy over the next 12 months — the lowest reading since June 2020, and down from 80% in July, according to Bank of America’s fund manager survey.

The survey also found a net 36% overweight the region, down from 45% in July, and a net 2% underweight U.K. equities.

European stocks slipped on Tuesday as banking stocks fell.

Up over 18% on the year, the Stoxx Europe 600 fell 0.2% to 472.75. Decliners included technology investor Prosus
PRX,
-3.90%
,
after another tough session for Tencent
700,
-4.14%

in Hong Kong, as well as luxury goods maker Kering
KER,
-1.44%

and French bank BNP Paribas
BNP,
-1.78%
.

Of the major regional indexes, the German DAX
DAX,
-0.16%

declined 0.3% and the French CAC 40
PX1,
-0.45%

declined 0.6%, while the U.K. FTSE 100
UKX,
+0.21%

increased 0.1% thanks to a rally in BHP Group
BHP,
+10603.79%
.
Read more in London Markets

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