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Investors are moving their money out of equities and into cash in anticipation of a Greek default and a Federal Reserve rate rise this year, with record numbers taking out protection against a fall in equity markets this summer.
投资者正将资金撤离股市，改为持有现金，他们预计希腊将出现违约而美联储(Fed)将在今年加息。今年夏天采取防范股市下跌措施的投资者人数创下纪录。
Global fund managers increased the amount of cash in their portfolios from 4.5 per cent last month to 4.9 per cent in June, the highest level since January and a six-year high for European fund managers, according to a Bank of America Merrill Lynch survey.
美银美林(Bank of America Merrill Lynch)调查显示，全球基金经理将投资组合中的现金比例由上月的4.5%提高至6月的4.9%，这是自1月以来的最高水平，就欧洲基金经理的情况而言则是6年来的最高水平。
The survey highlights fears that Greece will default on its debts, with a majority of more than 150 fund managers surveyed expecting a default and only 43 per cent expecting a positive resolution to the crisis.
该调查凸显了人们对希腊将出现债务违约的担忧，在接受调查的150多名基金经理中，多数人预计希腊将会违约，仅有43%的人预计此次危机会以积极的方式得到化解。
This week markets have been rattled after talks between Greece and its creditors broke down at the weekend, sending yields on periphery eurozone debt to their highest levels since last year.
上周末希腊及其债权人谈判破裂后，本周市场一直紧张不安，欧元区外围国家的国债收益率升至自去年来的最高水平。
Fund managers are increasingly expecting a Fed rate rise in the third quarter of this year, with 54 per cent now anticipating an increase in September compared with 45 per cent last month.
基金经理日益认为美联储将在今年第三季度加息，如今有54%的人预计美联储将在9月加息，而上月仅有45%的人这样认为。
The prospect of a rise has raised expectations of a fall in equity markets in the next three months with corporate balance sheet leverage at its highest for five years.
加息的前景使投资者预计股市将在未来3个月下跌，原因是企业资产负债表的杠杆处于5年来最高水平。
Despite the concerns over Greece, European equities are still preferred by fund managers, who are optimistic about the macro outlook for the region, with a record net 83 per cent expecting stronger inflation.
尽管人们担心希腊问题，欧洲股市仍然受到基金经理的青睐，他们对欧洲的宏观经济前景持乐观态度，预期通胀将走高的基金经理所占的比例，比有其他预期的基金经理所占的比例多出83个百分点，创历史新高。
“Investors remain bullish on European equities but are increasingly concerned about Greece and higher yields,” said James Barty, head of European equity strategy.
“投资者仍然看好欧股，但对希腊问题和收益率升高日益担忧，”美银美林欧洲股票策略主管詹姆斯•巴尔蒂(James Barty)称。
Most remain sceptical about the possibility of a Greek exit, with only 15 per cent of fund managers expecting Greece to leave the eurozone.
多数人仍对希腊退出欧元区的可能性表示怀疑，仅有15%的基金经理预计希腊将退出欧元区。
“Investors do not appear positioned for Greek ‘worst case’ [ . . .] we believe a peaceful Greek outcome is a necessary condition for a rally,” said the bank.
“投资者似乎没有准备应对希腊出现‘最糟糕的情况’……我们认为希腊问题和平解决是股市回升的一个必要条件，“美银美林称。
Money continued to move out of emerging markets with fund managers deterred by weak economic growth in China, the strength of the dollar and weak earning prospects, said BofA.
该行称，资金继续从新兴市场流出，中国疲软的经济增长、美元走强以及企业盈利前景欠佳令基金经理对新兴市场敬而远之。
Chinese equities, which have risen sharply recently, are in a “bubble”, according to 70 per cent of global investors surveyed. The Shanghai Stock Exchange has jumped up around 150 per cent in the past year.
接受调查的全球投资者中，70%的人认为最近急剧上涨的中国股市存在“泡沫”。过去一年中，上海股市上涨了150%左右。
