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Global equity markets are over-heating, the UK’s top professional investors’ body has warned, raising fears that “vulnerable” stocks are poised for a crash. The number of investors who think the world’s leading stock markets such as the S&P 500 and the FTSE 100 are overvalued has reached its highest level yet, according to a survey of professional money managers completed by the CFA Society of the UK. The survey offers a rare insight into the thinking of the investment community, which manages billions of pounds on behalf of pension funds and households. It revealed that 49pc of the 530 stocks experts now believe that developed equity markets are overvalued – signalling rising fears of a correction – up from 39pc just three months earlier. More