A net 42% of investors said they expected a global recession, the most since June 2023 and the fourth-highest level in the past 20 years.

In addition, 73% said they thought the theme of "U.S. exceptionalism" has peaked - the idea has powered markets in recent months - and relatedly 49% said they thought the most crowded trade in markets was now "long gold", displacing bets on U.S. tech giants for the first time in 24 months.

According to Bank of America’s monthly fund manager survey, the percent who are underweight U.S. stocks is now 36% in April, after being 17% overweight in February.

A net 61% expect the U.S. dollar to depreciate over the next 12 months, the most since May 2006. The currency has tumbled sharply against most others in the past few weeks, with the euro, Japanese yen and Swiss franc all gaining sharply.

The survey also found that the level of sentiment is the fifth-lowest on record as cash held by fund managers surged by the most in two months since COVID, to 4.8%.