The highest number of investors since 2008 are expecting the global economy to decelerate over the next year, according to the latest Bank of America Merrill Lynch (BofAML) Fund Manager survey.
The survey of 231 participants with a total of $646bn in assets under management globally ran between 5-11 October and found net 38% of respondents are predicting a deceleration in growth, the most since November 2008. Furthermore, a record 85% of respondents believe the global economy is in late cycle, 11 percentage points (ppt) above previous highs seen in December 2007. A net 20% of respondents predicted global profits will deteriorate over the next 12 months with sentiment at a two-year low, marking a reversal from January's survey, where a net 39% predicted an improvement. In...
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