Fund managers turn optimistic as recession fears ease

Global investor sentiment has climbed to its strongest level since February, with fund managers growing more optimistic on ​the economic outlook, artificial intelligence-linked spending and the prospect ‌of a dovish Federal Reserve, Bank of America’s latest Global Fund Manager Survey showed.

Cash allocations fell to an “uber-low” of 3.6 per cent from 4.1 per cent in June, ​level that triggered BofA’s contrarian sell signal, while a ​record share of respondents said they expect a “no landing”...