The latest monthly Merrill Lynch Fund Manager Survey conducted between October 4 and October 11 of 253 global institutional investors demonstrates the level of uncertainty that exists in the global equity markets.
Of those surveyed, 25% felt that the global economy would be much stronger in 12 months, while another 25% felt that the global economy would be much worse in 12 months time. The terrorist attacks in the US have created a defining moment where fund managers need to hunker down for recession or take the plunge into cyclicals, says David Bowers, Merrill Lynch's global investment strategist.
The survey also revealed a huge shift of interest away from the US market and into...
