According to BofA Merrill Lynch July Fund Manager Survey, average cash balance dips to 4.9% from 5.0% last month, still above the 10-year average of 4.5%; investors note they are overweight cash due to their bearish view on the markets (25%) and preference for cash over low-yielding assets (20%)

According to Bank of America Merrill Lynch, continuing ECB QE is lifting all assets. Flows have improved in May across IG, HY and equity funds in Europe. Last week's flows - HG: +$1.4bn / HY: +$48mn / Equities: +$1.1bn

According to BofA Merrill Lynch June Fund Manager Survey, net 84% of respondents indicate the US is the most overvalued region for equities, a new all-time high; investors find European equities (net 18%) and EM equities (net 48%) to be undervalued...

China replaces European disintegration as the most commonly cited tail risk for the first time since January 2016, with 31% of global fund managers citing Chinese credit tightening as the biggest risk in the market

Investors are turning to Eurozone stocks from U.S. equities, the fifth largest rotation since 1999, despite the coming French election. Allocation to Eurozone equities rises to 15-month highs (net 48% overweight)...