Fund mgrs shift to cash over shares - papers 19th July

The Daily Telegraph reports the bank's latest poll of institutional investors' attitudes confirms a dramatic shift in sentiment since markets dived in May. Merrill's monthly survey shows more big investors waiting on the sidelines than at any point since the market panic following the terrorist attacks in September 2001. A net 31% of the investors questioned said they were increasing their cash holdings in response to worries about the impact of rising energy costs and the lagged effect of rising interest rates. There has also been a hike in the numbers of money managers expecting the...