Fund manager optimism jumps by most since 2020 as Fed cuts rates
S&P 500, Dow green; Nasdaq ~unchanged
Utilities lead S&P 500 sectors gainers; Staples weakest group
Euro STOXX 600 off ~0.1%
Dollar, gold gain; bitcoin up ~2%; crude off ~1%
U.S. 10-Year Treasury yield dips to ~4.00%
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FUND MANAGER OPTIMISM JUMPS BY MOST SINCE 2020 AS FED CUTS RATES
Fund manager optimism jumped by the most since June 2020 after the Federal Reserve in September cut rates by a bigger than some expected 50 basis points, according to Bank of America's Global Fund Manager Survey for October.
Chinese stimulus and greater optimism over a soft economic landing for the global economy added to the shift, with allocations to stocks surging and investments in bonds sinking, BofA analysts led by Michael Hartnett said in a report.
A net 31% of investors are now overweight stocks, up from 11% the previous month, while bond allocations fell from 11% overweight to 15% underweight, the largest monthly drop on record, BofA said.
Fund manager cash levels also fell to 3.9% from 4.2%, triggering a sell signal on global equities via the MSCI ACWI Index. The bank’s Bull & Bear Indicator increased to 7.1, with "froth on the rise," but remains below the "big" sell trigger at 8.0, BofA said.
Emerging market stocks and commodities are seen as the biggest winners from China's stimulus, according to investors, while government bonds and Japanese stocks are viewed as the biggest losers. BofA also notes that there was a large rotation in October into emerging market and discretionary/industrial stocks, and out of staples and utilities.
(Karen Brettell)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
HUMP DAY DATA ROUNDUP: IMPORT PRICES COOL, MORTGAGE RATES HEAT UP - CLICK HERE
U.S. STOCKS INCH HIGHER EARLY; FINANCIALS GAIN - CLICK HERE
S&P 500 INDEX HURDLES STACKED UP AROUND 6K - CLICK HERE
BE CAUTIOUS ABOUT BRITISH SERVICES INFLATION DATA - BOFA - CLICK HERE
INVESTING IN BRITAIN PLC? IT'S "NOT STRAIGHTFORWARD" - CLICK HERE
CONFIDENCE AROUND FRENCH BANKS ON SHAKY GROUND - CLICK HERE
US DEBT IS A 'REST OF THE WORLD' PROBLEM ... FOR NOW - CLICK HERE
LUXURY AND TECH WEIGH ON STOXX - CLICK HERE
MIXED BAG IN EUROPE AS EARNINGS SOUR MOOD - CLICK HERE
CHIPS AND LUXURY LEAD THE WAY LOWER - CLICK HERE
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