Twelve percent more fund managers surveyed this month by Bank of America Merrill Lynch forecast that the global economy will deteriorate in the next 12 months, than said the economy would grow. Last month, the net result of the survey was that, on balance, 24% more fund managers predicted the global economy would pick up steam, than lose it.

In the latest survey, a net 4% of the panel expects corporate profits to worsen in the coming year. This even as the stock market surged Wednesday, on better than expected earnings.

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