Record number of fund managers consider equities overvalued

BAML's latest Global Fund Manager Survey, conducted between 2 and 8 June, saw 44% of managers taking a cautious stance on global equities, up from 37% in May, with 84% identifying the US as the most overvalued region for stocks. The survey also found expectations of faster growth and calls for higher inflation have both fallen from 71% and 75% in May respectively, to 39% and 60% in June.   Allocations to European equities hit 15-month high despite election risk "Market vulnerability to profit weakness is very high, with investors' perception of excess valuation coinciding with high...