Equities seen as overvalued by fund managers - Merrill Lynch survey.

(From AFX Europe (Focus))

LONDON (AFX) - More fund managers view equities as overvalued than undervalued for the first time since 2004, according to Merrill Lynch's survey of fund managers for November.

Only a net 1 pct of those surveyed said they viewed equity markets as overvalued, but this is the first time they have taken this view since early 2004 and marks a sharp change from last month's net 12 pct who saw equities as undervalued.

The finding comes amid pessimism on the outlook for corporate profits, with a net 47 pct of investors believing that corporate profits will deteriorate over the coming year and that the primary driver of profits …