Merrills survey finds fund managers braced for recession

Seven out of ten fund managers believe the global economy is already in recession, according to the l...

Seven out of ten fund managers believe the global economy is already in recession, according to the latest research from Merrill Lynch. The October Survey of Fund Managers shows 69% of the 172 respondents believe we are in recession, a sharp increase from 44% last month. However, low risk appetite and the prevalent view that equities are undervalued could provide the foundations for a rally, the group believes. Growing risk aversion has led to a record 49% of respondents going overweight cash, while the number who believe equities are undervalued has reached 43%, a 10-year high. Gary...