European companies are at discounts to their growth prospects

European fund managers are not exactly jumping for joy at current prospects for their region, but they are seeing things look up a bit. At least that is what the latest Bank of America European fund manager survey points to, with an improvement of 66% of respondents expecting a downside for the European market over the coming months (down from 73% in June), and a majority of 55% projecting an upside over the next twelve months (up from 52%). Furthermore, a net 78% expect global inflation to decline over the next twelve months, with a record net 95% expecting European inflation to come do...