World stocks seen as most overvalued in 17 years – BAML survey | Reuters

By Jamie McGeever | LONDON LONDON World stocks are their most expensive in 17 years, but bond yields will need to be much higher than they are currently to trigger an equity bear market, a monthly fund manager survey showed on Tuesday.Bank of America Merrill Lynch's (BAML) poll of investors managing $592 billion worldwide was conducted from March 10-16, a period that saw Wall Street's recent string of record highs fizzle out and the Federal Reserve raise U.S. interest rates. Global investors' allocation to stocks hit a two-year high, according to the poll, with a net 48 percent now overweight the market.A net 34 percent of fund managers now thing equities are overvalued, the highest proportion since 2000, BAML said.Regionally, the U.S

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