What US stagflation risks mean for world markets

• US stagflation would hit bonds and stocks globally
• Equities far from pricing in US stagflation risks - Gold, some inflation-linked products might offer refuge

LONDON, Aug 18 (Reuters) - The spectre of U.S. stagflation is stalking global markets, causing some investors to position portfolios to dodge the potential damage that tariffs could wreak on growth and inflation in the world's dominant economy.

Some 70% of global investors surveyed by BofA Global Research in early August said they expect stagflation - the combination of below trend growth and above trend inflation - in the next 12 months.