Global fund managers are calling the peak for ‘US exceptionalism’, as a record number plan on slashing their US equity allocations and prepare for a recession.
Covering the 4-10 April, the latest Bank of American Global Fund Manager Survey canvassed 195 panellists, covering around $444bn in assets under management, and found that their market outlook was near rock bottom after Donald Trump's ‘Liberation Day'. The US president stormed the geopolitical space with a fleet of tariffs ranging from a global 10% rate to highs of 50% on 2 April, and the move triggered a global selloff centred on US equities, which led to around $5trn being wiped off the stock market at its worst. Friday Briefing: Grab the paper bags, the ride has just begun ...
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