The majority of fund managers believe that the global economy is in recession, according to research by Merrill Lynch. The institution’s monthly survey of fund managers has revealed that 70% of those industry insiders believe that a recession is already present. This is a significant increase of 44% in last month’s study, with the results of the survey released as global equity markets dropped by 18.7%. Looking at the results on a geographical basis shows that nine in 10 fund managers in the eurozone expect economic conditions to get worse over the coming months, while respondents in the US are also expecting a ‘deep and prolonged US recession’. Gary Baker, head of EMEA equity strategy at Merrill Lynch, said: “Fund managers are waiting for the triggers that will give them the confidence to buy. What they are looking for is a loosening of monetary conditions and for third quarter earnings to clarify where problems and opportunities lie across equity markets.”
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