The BofA Global Fund Manager Survey showed a record jump in investor allocation toward U.S. stocks, and out of emerging markets.
Top investors are dumping emerging market equities and buying U.S. stocks at a record pace due to concerns about a potential global crisis, according to Bank of America investment strategist Michael Hartnett. The BofA Global Fund Manager Survey showed that September saw a record jump in investor allocation to the U.S., and out of emerging market securities. "More dramatic shift in relative exposure: record jump in U.S.
Bank of America's survey showed none of the respondents now expect a stronger economy in China, versus 78% when polled in February. China is increasingly likely to miss its growth target of around 5% this year. Beijing has acknowledged economic challenges and signaled more policy support. The People's Bank of China unexpectedly cut key rates last month. Bank of America's survey showed investors see China real estate as the No.1 source of the next global credit event.
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