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Record Move Out of Energy Stocks in Wake of Gulf Spill
Investors’ belief in global economic growth and the ability of corporations to improve profits has significantly eroded, according to the BofA Merrill Lynch Survey of Fund Managers for June.
The survey, conducted as global equities fell by 7.5 percent, shows only a net 24 percent of respondents believing the world economy will strengthen in the next 12 months, down from 42 percent in May and 61 percent in April. Global investors have expressed similar concerns over corporate profits. A net 28 percent of the panel believes that profits will improve in the coming 12 months, compared with 47 percent in May and 67 percent two months ago. The proportion of the panel expecting corporate operating margins to...
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