LONDON (Reuters) - Bank of America Merrill Lynch's "Bull & Bear" gauge of market sentiment has fallen to 1.8, a level the U.S. bank's strategists describe as "extreme bear" territory that has triggered a "buy" signal for equities.
This is the first time the "buy" signal for risk assets has been triggered since June 2016 when the Brexit vote sent global markets spiralling lower, the strategists said, adding it was "time to buy".
The note came as European markets rallied strongly after blowout employment figures from the United States lifted some of investors' concerns about slowing economic growth.
(Reporting by Helen Reid, Editing by Josephine Mason)
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