BofA’s Hartnett Sees Stock Rally Extending as Growth Bets Surge

Global equities are likely to rally even higher as a jump in economic growth expectations is keeping stock bulls firmly in control, according to Bank of America Corp.’s Michael Hartnett.

The bank’s latest survey showed a net 28% of global fund managers are overweight equities, the highest in seven months. Opinions about growth showed the sharpest improvement in almost a year, Hartnett said, with only a net 16% of investors now expecting the economy to weaken.

There are “bulls galore” as the risk of a “recessionary trade war” has ebbed, the strategist wrote in a note. He added that ...