Bank of America warns that market hedging may continue until mid November, with three major risks still unresolved Golden Finance reported that on October 23, Michael Hartnett, a strategist of Bank of America, said in the latest customer report that the current risk aversion in the global market may continue to the middle of November. Until the three uncertainties of AI financing risk, pressure on the French bond market and the mid-term elections in the United States were alleviated, he remained tactically cautious about risky assets. On the financial front, although investors have turned to defense, their positions in technology stocks are still crowded; According to EPFR Global data, technology stock funds recorded the largest inflow of funds since July in the past week. The October fund manager survey by Bank of America showed that global investors' allocation to technology stocks has risen to the highest level since August 2020. Hartnett believes that if the credit spread of AI super cloud vendors peaks, it may become an important signal for improving risk appetite; They also focused on the changes in the yield of French 10-year treasury bond bonds and the Franco German interest margin, and the uncertainty of the US mid-term election policy on November 3. Until the above risk repricing is completed, the market may maintain a defensive pattern in the short term.