For the first time in almost two years, investors do not expect a recession to paralyse Europe. Instead, fears are centred on China, according to a new fund manager survey.
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Global investors maintain their bullish stance and ignore warnings that risk assets may be vulnerable to a correction after a seven-month rally, finds BoA Merrill’s fund manager survey.
It's too soon to predict a structural shift in allocations from fixed income to equities, says Neill Nuttall of JP Morgan AM. But opinions are divided and contrary data is stacking up.
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.
Rising risk appetite sees a net 49% of global fund managers now overweight emerging markets, compared with 32% last month. But record inflows have put the spotlight back on valuations, with Morgan Stanley starting to scale back its position.
September sees a 30% upward swing in sentiment towards China, while the spread in perceived valuations of bonds and equities balloons above 100 points in the BoA Merrill fund manager survey.