Bank of America said in its December European fund managers survey that more than 85% of European fund managers expect the European stock market to rise in the short term. Investors expect better-than-expected profits to drive the European stock market up, while 95% of respondents expect the European stock market to rise in the next 12 months. According to the survey, a net third of fund managers think the European stock market is undervalued — a ratio close to a five-year high and up from 23% last month. The number of fund managers holding cash decreased, and the cash level of the fund managers surveyed was 2.8%, a 12-year low.

Bank of America said in its December European fund managers survey that more than 85% of European fund managers expect the European stock market to rise in the short term. Investors expect better-than-expected profits to drive the European stock market up, while 95% of respondents expect the European stock market to rise in the next 12 months. According to the survey, a net third of fund managers think the European stock market is undervalued — a ratio close to a five-year high and up from 23% last month. The number of fund managers holding cash decreased, and the cash level of the fund managers surveyed was 2.8%, a 12-year low.