Barely a tenth of respondents in a monthly fund manager survey expect a stronger global economy in the coming months, marking the lowest proportion since last April's initial COVID-19 panic, Bank of America's (BofA's) September edition of the survey showed.
Economic growth expectations are now at a net 13%, the lowest since April 2020 and markedly down from a 91% peak in March this year. The spread of the Delta variant was cited as the reason for the pessimism, the popular monthly survey said.
Equity market protection designed to shield portfolios against a sharp drop in asset values was at the lowest levels since January 2008. Moreover, broader equity market positioning remains firmly bullish with net global equity allocations at 50%, far above a 20-year average of 29%, the survey said.
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