Global investors have moved overweight on the US for the first time in 15 months, while reducing positions in emerging market and European equities, according to the latest monthly Bank of America Merrill Lynch (BofAML) survey.
The survey, which questioned 235 investors globally with $684bn in assets under management, saw a rise in respondents' US equities weightings. Allocations to US equities rose 16 percentage points to a net 1% overweight for the first time in 15 months with 64% of respondents saying the US was the only global region to have a positive outlook for profits, a 17-year high. Prospects of a global trade war are overshadowing the good news in the US Funding the rotation into US equities were sales of European and emerging markets equities. Michael Hartnett, chief investment strategist...
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