Investors fear US cliff more than eurozone blowup
Sentiment on Europe rises, with investors reporting the largest divergence between US and European equity valuations in the history of the BoA Merrill fund manager survey.
The European sovereign debt crisis is no longer identified as the top tail risk by investors for the first time since April 2011, having been overtaken by the US fiscal cliff.
According to the Bank of America-Merrill Lynch Fund Manager Survey for September, the proportion of global investors who most fear EU sovereign risk fell to 33%, from 48% in August.
"Investors now view the US fiscal cliff as a greater threat than the eurozone -- and the upcoming [US] election is putting th…
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