A survey of investment managers has revealed a downbeat outlook of equities in emerging economies with growing optimism for Japan and the US. The latest monthly Bank of America survey showed that a net 18% of managers were now underweight in emerging market equities despite an overweight position 2 months ago. In contrast, a net of over 25% of managers were overweight in Japan and the US. In other assets, respondents were also downbeat on commodities and bonds. These results reflect the movement of equities this year with falls in China and gains in Japan and the US. (VIEW LINK)
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