Record upside surprises in US economic data are bolstering the case for a “V” shaped recovery from the COVID-19 recession and boosting investor ...
REUTERS: Record upside surprises in US economic data are bolstering the case for a “V” shaped recovery from the COVID-19 recession and boosting investor confidence in a stock rally that has already delivered hefty gains in recent months.
Many investors doubt the market's rebound can run much further. A recent surge of COVID-19 cases in some US states and a new cluster of cases in China have raised concerns over a coronavirus resurgence, while subdued demand for commodities such as oil signal a potentially slow comeback in global growth.
The market’s gains also appear to be attracting inflows of cash from the sidelines. Cash levels among fund managers in BofA's survey registered their biggest drop in more than a decade in June, and net equity exposure among hedge funds soared to 52 per cent from 34 per cent in May. For many investors, “it's still love/hate," said Joe Saluzzi, co-manager of trading at Themis Trading."If you're a fund manager, you have to be in the market because you have to beat your benchmark, so a lot of managers have to get in there and performance chase."
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