Fund houses downbeat on US prospects

Of 24 firms polled by the life and investment company in its April survey, 10 believed the American market would fall in excess of 5pc over the next year and six predicted the S&P 500 would range trade, moving no more than 5pc in either direction. Only eight firms predicted the index would rise more than 5pc over the period. Of those polled, two had revised their estimates downwards from a month earlier, M&G from neutral to negative and Aberdeen from positive to neutral, creating an overall negative shift in outlook. The change in sentiment is likely to have been driven by forecasts of s...