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Fund managers have turned their backs on Europe, according to the Merrill Lynch Fund Manager Survey of European managers.
Although 70% of respondents see the European economy weakening over the next 12 months, down from 76% last month, 53% of them report overweight positions in cash. This is the highest percentage of managers with cash overweights since October 2001.
"Europe remains the sick partner of the globe," says Gary Baker, the head of the EMEA equity strategy group at Banc of America Securities-Merrill Lynch. "Managers are not seeing it...