Investors have not been as pessimistic about the global economy since 2007

Pessimism about the global economy is accentuated by rising trade tensions and expectations that the US central bank will continue to tighten despite the turmoil on the stock markets.

Fund managers surveyed by Bank of America Merrill Lynch this month are accumulating liquidity as they become the most bearish activity in the global market for a decade, thus fearing the end of the long expansion. According to a record of 85% of fund managers, the global economy is at the end of the cycle, 11 points higher than the previous record of December 2007.

"Investors are bullish in the face of global growth," said Michael Hartnett, chief investment strategist.

The net share of investors who believe that growth will slow over the next 12 months has reached 38%, which is the darkest outlook since November 2008. Global profits are also expected to deteriorate.

Long positions in the FAANG quintet of Facebook, Amazon, Apple, Netflix and Alphabet (Google's parent company) and its Chinese counterpart, BAT trio Baidu, Alibaba and Tencent, were considered the most congested trade of the ninth month. consecutive month. The investigation took place from October 5 to 11, during which time US stocks fell by more than 5%, while some of the above-mentioned highly dynamic shares, which were hedge fund hotels, suffered a great deal. .