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European asset managers cut exposure to stocks in August as expectations of rate hikes in the U.S. pushed many to book profits, while shares remained near record highs, a monthly poll shows.A Reuters survey of 11 European chief investment officers and fund managers found the average recommended allocation to equities in balanced portfolios dropped to 45.7 percent from 49 percent a month earlier – the lowest since September 2013 .The average allocation in global equity portfolios to North America, where growth prospects look brighter than they do in Europe, rose more than a percentage point in August to 40.7 percent, the poll showed.Allocations to the U.K. dropped to 6.3 percent from 7.5 percent a month earlier.
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