Bank of America surveyed 212 mutual fund, hedge fund and pension fund managers with $598 billion under management during the week ending June 11.
53% say the comeback from the March lows is a "bear market rally." Just 37% believe it's a new bull market.
Only 18% on investors expect a V-shaped economic recovery from the coronavirus. Most expect a U- or W-shaped recovery. Investors took cash levels down from 5.7% to 4.7% since last month, the biggest "dash from cash" since 2009. The top "tail risk" investors fear is a second wave of the coronavirus with 49% of those surveyed citing that as a top concern, followed by permanent unemployment and a Democratic sweep in the election.While valuation is never a good market timing tool, the survey's readings should be concerning considering its history and the large amount of money its respondents control.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The World’s Best-Performing Big Lender? Deutsche BankDeutsche Bank has long been branded one of the most troubled global lenders. Now, a year into a turnaround plan that has notched some successes, it is the best-performing large bank stock in the world.
Read more »
Why are bank bosses sounding more optimistic about loan losses?They were hyper-prudent in April. Now the worst-case scenario might be off the cards
Read more »
Britain's Metro Bank in talks to buy peer-to-peer lender RateSetter: Sky NewsBritain's Metro Bank Plc is in advanced talks to buy RateSetter, one of UK's biggest peer-to-peer lenders, Sky News reported on Sunday.
Read more »
Italian bank BPER approves revised Intesa deal: sourceItalian lender BPER Banca on Sunday approved a revised deal with Intesa Sanpaolo to address antitrust issues in Intesa's takeover bid for UBI Banca , a source close to the matter said.
Read more »
Separatists in south Yemen seize convoy with billions of riyals for central bankSouthern separatists in Yemen seized a consignment of billions of riyals intended for the central bank in Aden on Saturday, in a further attempt to wrench control from the Saudi-backed government since declaring self rule in the south in April.
Read more »
Italian bank BPER to hold board meeting on revised Intesa deal - sourceItalian bank BPER Banca will hold a board meeting later on Sunday to approve a revised deal with Intesa Sanpaolo that addresses antitrust issues in Intesa's takeover bid for UBI Banca , a source close to the matter said.
Read more »