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However, it has not yet turned bullish, with the FMS cash level increasing to 4.9%. There has been a more dramatic shift in relative exposure, including a record increase in exposure to U.S. equities and a record decrease in exposure to emerging market (EM) equities.
This shift comes as optimism about China’s growth has declined, returning to levels seen during lockdowns. The BofA Bull & Bear Indicator has risen to 4.1, reflecting these changing dynamics in investor sentiment.
Here are the key takeaways from the September GFS:
