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- Bank of America says market primed for first quarter ‘melt-up’
Bank of America says market primed for first quarter ‘melt-up’
Financial markets are set for a “risk asset melt-up” in the first quarter of the new decade, according to Bank of America Corp.
As Brexit and trade war risks recede, and with the Federal Reserve and European Central Bank still adding liquidity, the outlook for the beginning of 2020 is bullish, strategists including Michael Hartnett wrote in note to clients.
“We continue to expect returns to be front-loaded in 2020,” the strategists said. Positioning is turning bullish and December’s global fund manager survey on Tuesday should confirm the positive sentiment, they added.
The strategists expect the S&P 500 to reach 3,333 by March 3 -- a 5% rise from Friday’s close -- and see the 10-year Treasury yield hitting 2.2% by Feb. 2, an increase of 36 basis points.
Global stocks climbed to record highs Friday after the U.S. and China agreed to a phase-one trade deal and the U.K. Conservative party won a parliamentary majority, clearing the path for the country’s exit from the European Union.
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