×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: bank of america investor poll | bear market | stock losses | retirement savings

Investors No Longer 'Apocalyptically Bearish': BofA Poll

Investors No Longer 'Apocalyptically Bearish': BofA Poll

Tuesday, 16 August 2022 07:18 AM EDT

Investors are still bearish but no longer "apocalyptically" so, according to Bank of America's (BofA) monthly survey of global fund managers in August, as hopes rise inflation and interest rates shocks will end in the coming quarters.

BofA, which polled investors overseeing $836 billion in assets between Aug. 5-11, said on Tuesday they had cut back a net underweight position in equities to minus 26%. That was an improvement on the low of minus 44% in July, a level last seen in the 2008 global financial crisis.

But fears of economic slowdown continued to rise, with 58% of investors anticipating a global economic recession in the next 12 months, up from 47% last month and the highest since May 2020.

The share of uninvested cash in portfolios dropped to 5.7% from 6.1% in July, but remained "very high," BofA said.

Stocks have rallied in the past two months after a brutal first half of 2022, and BofA said August saw a big rotation into U.S stocks, technology and consumer shares, while investors sold out of defensive stocks such as utilities and consumer staples, as well as UK equities.

U.S. shares are up about 12% in the last month, but remain about 10% down year-to-date.

Recent U.S. inflation data has been better-than-expected, leading to expectations the Federal Reserve will not hike interest rates as aggressively as investors previously anticipated.

Despite the uptick in investor sentiment, Bofa said the survey indicated its Bull/Bear indicator remained at "max bearish."

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Investors are still bearish but no longer "apocalyptically" so, according to Bank of America's (BofA) monthly survey of global fund managers in August, as hopes rise inflation and interest rates shocks will end in the coming quarters. BofA, which polled investors overseeing...
bank of america investor poll, bear market, stock losses, retirement savings
246
2022-18-16
Tuesday, 16 August 2022 07:18 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved