Is the US facing recession?

A recent survey of fund managers has revealed the vast majority believe the global economy to be getting weaker. But this could be a buying opportunity, says MoneyWeek editor Merryn Somerset-Webb - as long as you buy in the right places...

It is an unusual state of affairs, but the fund-management community has come over all miserable. A monthly Merrill Lynch survey of more than 200 of them, taken in the second week of July, asked if they thought the global economy was getting stronger or weaker: 72% said they thought it was getting weaker and 11% went for stronger the most pessimistic result for 10 years.

Still, if I were an equity-fund manager I'd be worried too. Just look at the state of the American economy. The housing market has already slowed substantially and there are ominous signs that suggest the end of the boom is going to bring trouble.

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.