90 fund managers managing $247bn said net 25% expect European growth to slow next year, down from 66% expecting acceleration in Feb.
Inflation shock from Iran identified by 42% as downside risk; 58% see stagflation as dominant macro regime, up from 50% in March.
61% anticipate Brent crude above $80/barrel by year‑end, driving 71% to forecast European core inflation and 4% expect higher global short‑term rates.
Despite gloom, 33% see upside for European equities and 63% expect gains over 12 months, while utilities and energy rated best‑performing sectors.