Investors distrust the rising share prices

Frankfurt The recovery on the stock markets is impressive. The leading American index, the S&P 500, has risen by around 17 percent since mid-June after having lost a good 24 percent since the beginning of the year. In Europe, the situation is not quite as clear, but similar. The leading euro zone index, the Euro Stoxx 50, has gained around 13 percent since the beginning of July, making up for at least part of the previously similarly significant downturn.

Many investors are wondering: Is this recovery the start of a new bull market, i.e. a lasting upswing on the stock markets?

International fund managers are skeptical. That shows the latest Bank of America (BofA) survey of 250 institutional investors who collectively manage over $750 billion in investor funds. Accordingly, the fund managers hold more cash and fewer shares than usual.