According to Bank of America’s monthly survey of international fund managers for July, investors’ expectations of global economic growth and corporate profits have fallen to their lowest levels ever,
and the situation is being referred to as complete capitulation.
According to a survey by BofA of investors managing $800 billion in assets, stock allocations have fallen to levels last seen during the global financial crisis of 2008.
The survey was taken between July 8 and 15, shortly after American stocks saw their biggest first-half fall since 1970. They have now decreased by roughly 20% this year.
Fund managers were reviewing their estimates for price increases because recession worries had reached levels last seen in May 2020.
