Reuters

Investors turn bearish on global economy though positioning upbeat – BofA survey

LONDON (Reuters) -Barely a tenth of respondents in a monthly fund manager survey expect a stronger global economy in the coming months, marking the lowest proportion since last April’s initial COVID-19 panic, Bank of America’s (BofA’s) September edition of the survey showed. Nearly half of BofA’s clients, with $840 billion in assets under management, said they have removed protection against a sharp fall in equity prices over the next three months, the lowest figure since January 2018. Moreover, broader equity market positioning remains firmly bullish with net global equity allocations at 50%, far above a 20-year average of 29%, the survey said.

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