A trader looks on while waiting for the initial price of Tencent Music Entertainment company’s IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 12, 2018. REUTERS/Bryan R Smith
LONDON (Reuters) – Investor confidence has deteriorated further with more fund managers expecting global growth to weaken over the next 12 months, the worst outlook in a decade, Bank of America Merrill Lynch’s December investor survey showed on Tuesday.
A net 53 percent of investors surveyed, who manage $694 billion in assets, said they expect a slowdown, the gloomiest outlook for the world economy in a decade, it said.
The U.S. dollar replaced technology stocks known as FAANGs in the United States – Facebook, Apple, Amazon, Netflix and Google – and China’s BATs – Baidu, Alibaba and Tencent – as the most crowded trade for the first time since January, it found.
Reporting by Josephine Mason, Editing by Helen Reid