Only 10% of respondents to a Bank of America Merrill Lynch (BAML) survey of fund managers in May are positive on global economic growth in the next 12 months.
The consensus is considerably bleaker than the previous month's survey, in which 27% had a positive view, and that of February, when 58% were positive on the prospects for growth. Only 9% of May respondents expect corporate profits to improve over the coming year. Respondents' cash balances rose to 3.9%, up from 3.7% in April.
The less bull