Strategists expect stocks to bottom in the first half of 2023 after the Federal Reserve pivots away from raising interest rates. Read more.
“Market liquidity has deteriorated significantly,” the strategists said, noting that investors have 6.3 per cent of their portfolios in cash, the highest since April 2001, and that a net 49 per cent of participants are underweight equities.
Nearly a record number of those surveyed said they expect a weaker economy in the next 12 months, while 79 per cent forecast inflation will drop in the same period, according to the survey of 326 fund managers with US$971 billion under management, which was conducted from Oct. 7 to Oct. 13.Article content
“While the stock market was immune to the bleak sentiment till last month, it has started to better reflect investors’ pessimism,” Hartnett wrote. As the earnings season gains traction, 83 per cent of investors expect global profits to worsen over the next 12 months. A net 91 per cent said global corporate profits are unlikely to rise 10 per cent or more in the next year — the most since the global financial crisis — a sign that suggests further downside to S&P 500 earnings estimates, according to the strategists.
Reporting season starts in earnest this week with major U.S. banks out of the way and Netflix Inc., United Airlines Holdings Inc. and Tesla Inc. slated to release results.
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