China tops fund manager concerns

Global fund managers have been fleeing emerging market and Japanese equities, cutting exposure to the lowest level since December 2008, according to the June fund manager survey from Bank of America-Merrill Lynch. Meanwhile, a hard landing in China ranks as their number one concern, more so than a banking crisis in Europe. China worries have driven a run from EM equities, with global managers reporting a net 9% underweight on EM and Japanese equities for June, a sharp decline fr…