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The BofA Merrill Lynch Fund Manager Survey for June highlights a sharp decline in sentiment towards emerging markets, China and Japan while investors are becoming increasingly optimistic about Europe. Overall, investor confidence increased with 56% of investors expecting the world economy to strengthen (prev: 48%). While equity allocations to the eurozone and US rose, allocation to global emerging markets fell to their lowest levels since 2008 at 9% underweight (prev: 3% overweight). For the first time, investors have identified a China hard-landing as a greater risk than eurozone sovereigns. Investors are 6% overweight in eurozone equities (prev: 8% underweight).(VIEW LINK)


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