Credit Suisse Cuts Equity Holdings on Fed Tapering Talk
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Credit Suisse Group AG cut its holdings of equities as global stocks rallied to a five-year high and Federal Reserve policy makers began considering whether to trim stimulus measures.
Switzerland’s second-largest bank reduced its allocation to stocks to neutral from overweight, meaning it no longer holds more of the asset class than is represented in global benchmarks, according to a report dated Aug. 5. The MSCI World Index of developed-market shares has surged 14 percent this year and closed at the highest level since May 2008 last week.