Bank of America Securities’ latest global fund manager survey shows investor sentiment at its third most bullish level since 2022, with cash levels tumbling to 3.5%, below the 4.0% threshold that triggers a contrarian sell signal. Managers’ allocation to global equities has risen to a net 56% overweight, the highest since November 2021 and the 14th straight month overweight. Investors are anticipating a « no landing » scenario with low unemployment and a resilient economy despite higher rates, with no Fed rate hikes expected before the midterms. Oil prices hit a three-week high with WTI crude above $84 per barrel amid fading hopes of a U.S.-Iran peace deal.
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