Investors at the crossroads

The latest Merrill Lynch fund manager survey shows there is no consensus among investors over where the markets are heading.

The latest monthly Merrill Lynch Fund Manager Survey conducted between October 4 and October 11 of 253 global institutional investors demonstrates the level of uncertainty that exists in the global equity markets.

Of those surveyed, 25% felt that the global economy would be much stronger in 12 months, while another 25% felt that the global economy would be much worse in 12 months time. The terrorist attacks in the US have created a defining moment where fund managers need to hunker down for recession or take the plunge into cyclicals, says David Bowers, Merrill Lynch's global investment strategist.

The survey also revealed a huge shift of interest away from the US market and into...

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