A snippet from Dow Jones / Market Watch on the latest Bank of America global fund manager survey.
- Some of the points of note:
- Cash levels slipped to 5.7% from 6.1% (long-term average of 4.8%)
- net underweight in stocks fell to -26% from -44%
- those expecting global economy recession in the next 12 months 58% (from 47%) which is the highest percentage since May 2020.
The most likely source for a systemic credit event is in Chinese and global real estate, where 37% see a possibility, according to the survey. Italian sovereign debt and U.S. leverage loans also were worry spots
