Brokers cut profit forecasts
Positive on Asian equities in particular
Record inflows in run-up to Brexit
$14bn also pulled from global equity ETFs after vote
Quantitative easing in the eurozone and inelastic demand from institutions have been blamed for the latest bond market rally to catch out some investors.
Thomas Becket, chief investment officer at Psigma Investment Management, has been selling down his exposure to high yield credit, taking the view the asset class is now priced for perfection.
The FTSE 100 has had the best start to a year since 1999 as investors pour billions back into global equities.