Blackrock’s Bob Doll says he continues to believe the European debt crisis will be contained, and says the stock market’s recent troubles have made for some good buying opportunities.

“There remains a high degree of near-term risk and the possibility of short-term turmoil given the evolving crisis in Europe, fiscal issues in the United States and the uncertainty over China’s growth slowdown, but our view continues to be that global economic growth will remain acceptable with conditions gradually improving in the second half of the year,” Doll writes in his latest commentary on Blackrock’s site. “Leading global economic indicators are rising, the US recovery has grown more firm and earnings momentum is positive. There is still quite a bit more that needs to be done on the part of policymakers around the world to take the necessary steps, but the trends are pointing in the right direction.”

Doll says that much of the global economy’s fate hinges, not surprisingly, on Europe. “If Europe’s debt crisis remains reasonably well contained, the world should continue to grow at a modest pace with the United States doing relatively well; if debt contagion becomes chaotic and uncontrollable, it would be an entirely different story,” he writes. “Our view continues to be that the former scenario is the more likely one.”

With that in mind, he says stocks look attractive. “Assuming that the world is not headed for a renewed deflationary spiral, there is little doubt in our view that stocks are poised to provide superior long-term returns over bonds given their current levels,” he says.