Debt ceiling farce has fundies feeling bullishly bearish

News Snapshot:

The latest Bank of America global fund manager survey might help explain why equities are struggling for direction. It suggests investors are still mainly bearish, but in a bullish kind of way. The headline picture says overall sentiment has fallen to its lowest point since the start of the year, and remains at similar levels to that during the GFC. A net 65 per cent of respondents expect the global economy to weaken, while hopes about Chinese growth are fading rapidly (quite reasonably, given the slew of tepid data released in the past week) and cash levels ticked up again...