Pharma and food shares favoured over tech by Europe's top market investors

ongoing fears over interest rates mean the top investors favour so-called defensive stocks and are less attracted to tech shares, which typically thrive in periods of low inflation and strong economic growth

The European fund managers have decided stock market sector picks on companies from Ireland to Greece on the basis of the prospects for a "soft landing" for the European economy, according to the survey. Picture: Nathan Laine, Bloomberg 

Big European stock market investors have dialled down their fears of a recession, but still favour pharma and food shares over tech amid concerns over interest rate hikes, the latest Bank of America survey of fund managers has revealed. 

The European fund managers have decided stock market sector picks on companies from Ireland to Greece on the basis of the prospects for a "soft landing" for the European economy, according to the survey.