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

Odaily News Global investors have cut their holdings of U.S. stocks by a record amount over the past two months, citing a trade war that has sparked a global recession as the biggest risk facing the market, Bank of America Global Research said on Tuesday. In Bank of America's monthly survey of fund managers, respondents cut their net allocation to U.S. stocks by 36%, the highest level in nearly two years, and the allocation to U.S. stocks fell by 53 percentage points in two months, the largest two-month drop on record. The trend looks set to continue, as a record number of respondents also said they intend to cut their allocation to U.S. stocks. Trump's aggressive tariff plan has 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)