BENGALURU (Reuters) – Global funds in August recommended an increase to bonds and cash holdings to the highest since early 2013 at least and cut equities to the lowest since late 2016, penciling in a more than 45% chance of a significant correction in stock markets this year. FILE PHOTO: A trader works on the trading floor at the New York Stock Exchange (NYSE) at the opening of the market in New York City, U.S., August 26, 2019. REUTERS/Andrew Kelly The Reuters Aug 9-29 asset allocation poll of nearly 40 wealth managers and chief investment officers in Europe, the United States, Britain, and Japan was taken as concerns increased about the U.S.-China trade war, which has stoked unrelenting demand for low-risk government debt. The drag on global growth from the tariff conflict has pushed the U.S. yield curve to invert further this month, with 30-year Treasury yields setting all-time lows and stocks that benefit during economic expansions falling the most on Wall Street this week, underscoring recession concerns. “Risks and fragilities have increased, pointing to the increased disconnect between the weakening fundamentals and high risk asset valuations,” said Pascal Blanqué, chief investment officer at Europe’s largest asset manager, Amundi in… Read full this story
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