Bank of America survey: Global investors sell U.S. stocks at record pace

Odaily Planet Daily News - Bank of America Global Research said on Tuesday that global investors have cut their holdings of U.S. stocks by a record amount in the past two months, believing that the trade war that triggered a global recession is the biggest risk facing the market. In Bank of America's monthly survey of fund managers, the proportion of respondents who reduced their net allocation to U.S. stocks was 36%, the highest level in nearly two years. In two months, the allocation to U.S. stocks fell by 53 percentage points, the largest two-month drop in history. This trend seems to continue, as a record number of respondents also said they intend to cut their allocation to the U.S. stock market. Trump's aggressive tariff plan triggered a sell-off in U.S. assets, including stocks, the dollar and U.S. Treasuries. Stocks rebounded on Monday, but the S&P 500 is still down about 8% so far this year. Bank of America surveyed 164 investors who manage $386 billion in assets. (Jinshi)