BAML October Fund Manager Survey (FMS) has found investors most bearish on global growth since 2007, according to Reuters.
Key points
- The average cash balance holds steady at 5.1%, well above the 10-year average of 4.5%, as investors stay bearish.
- A record 85% of survey respondents think the global economy is in the late cycle, 11ppt above prior highs in December 2007.
- A net 38% of respondents expect deceleration, the worst outlook on global growth since November 2008.
- The investors think the USD is very overvalued, notably against EM currencies which are seen as never having been more undervalued in survey history.
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