LONDON (Reuters) – A whopping 98% of investors surveyed by Bank of America believe markets are “overvalued” after world stocks bounced back from March lows at a record pace driven by government stimulus measures.
Cash levels at fund managers dropped in June to 4.7% from 5.7% last month as fear of prolonged recession fell to net 46% in June versus 93% in April, BofA’s survey of 212 fund managers with $598 billion in assets under management showed.
BofA said the recent optimism in markets was “fragile”.
(Reporting by Thyagaraju Adinarayan; Editing by Alex Richardson)
