英国《金融时报》 安吉利·拉瓦尔 报道
Global investors have sought refuge in US markets as aversion to the eurozone continues and confidence in China wanes, according to the latest Bank of America Merrill Lynch fund manager survey.
美国银行美林(Bank of America Merrill Lynch)进行的最新基金经理调查显示，全球投资者涌向美国市场寻求避险，他们对于欧元区的反感挥之不去，对中国的信心也在减弱。
The survey, conducted between May 7 and May 13, the week of the international €750bn ($925bn) eurozone rescue package, showed investors had bought into US equities this month and sought out the dollar as a haven currency.
Michael Hartnett, chief global equities strategist at Bank of America, said: “May’s survey highlights a flight to the US, driven by the uncertainty in Europe and is underscored by a positive US growth outlook.”
The survey’s risk and liquidity index, based on investor risk appetite, investment outlook and cash levels, experienced its largest one-month fall since 2003. Average cash balances rose to 4.3 per cent of portfolios, up from 3.5 per cent in April.
The proportion of asset allocators overweight global equities fell from 52 per cent last month to 30 per cent.
The number of investors who believed the global economy would strengthen in the next 12 months fell from a net 61 per cent to a net 42 per cent, reflecting ongoing concerns about the potential impact of the eurozone debt crisis on global growth.
Investors viewed US equities much more positively than European ones.
Gary Baker, head of European equities strategy at BofA, said: “Investors have capitulated on Europe, beaten down by sovereign debt concerns and faltering growth expectations.”
Positive sentiment towards emerging market equities dropped to its lowest level since early 2009.
Those fund managers with high exposure to global emerging market equities fell from 31 per cent in April to 19 per cent.
Global fund managers were more bearish on China than in any month since February 2009, with 29 per cent of investors expecting the Chinese economy to weaken in the next 12 months compared with only 5 per cent predicting a stronger economy.
The Shanghai Composite equity index has dropped 9.6 per cent to 2,594.8 since the beginning of May, leaving the Chinese market down more than 20 per cent since last November.
Patrick Schowitz, equity strategist at BofA said: “Investors are worried about the Chinese economy in the context of monetary tightening and about the potential knock-on effects on to other emerging- market countries”.
Those investors who felt that emerging markets had the most favourable outlook for corporate profits stood at 23 per cent.
A total of 202 fund managers, managing $530bn of funds, participated in the survey.