World investors cut back stocks as risk aversion reigns

London

WORLD investors lifted exposure to bonds and cut back on more volatile equities as sentiment was buffeted by a Russian currency crisis, an uncertain growth outlook and rapidly declining energy prices, according to a Reuters poll.

A monthly survey of fund managers in the United States, Japan, Europe and Britain in which 48 institutions took part, found the average allocation to stocks in balanced portfolios fell nearly a percentage point to 48.2 per cent.