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’[Outlook 2010] Thundering Herd bullish on Euro equities
BofA Merrill Lynch has managed to trump JP Morgan’s optimism, and is targeting a 30 per cent gain for European equities next year.
Strategist Gary Baker says valuations remain attractive and top line forecasts are too conservative given that macro estimates are (apparently) showing 7.5 per cent nominal GDP growth in 2010.
BofA’s strong arm tactics
If Lloyds bondholders thought they were given an offer they couldn’t refuse over CoCos, what about Bank of America shareholders.
Overnight, BofA announced plans to pay back $45bn of TARP money, using $26.2bn of its owns cash,
Judge 3, SEC 0 in Bank of America/Merrill case
As Reuters reported on Monday, Judge Jed Rakoff has rejected the proposed settlement between Bank of America and the US Securities and Exchange Commission over the bonuses paid to employees of Merrill Lynch.
Defensive decoupling
The Merrill Lynch fund manager survey for July is out and it shows that the big investment bank’s have been successful in persuading their clients to rotate into more defensive stocks:
Having been fleetingly underweight all the big defensive sectors,
Bank of America needs to raise $60-70bn
That’s the view of FBR Capital Markets and it is somewhat at odds with reports that claim Bank of America was facing a capital shortfall of just $1bn or so based on the early results of the US banking stress tests.