The U.S. will enter a downturn in the fourth quarter, followed by a 'year of contraction and a European recession in 2024,' according to HSBC Asset Management.
In its mid-year outlook, the British banking giant's asset manager said recession warnings are "flashing red" for many economies, while fiscal and monetary policies are "out of sync" with stock and bond markets.
Hong Kong observation wheel, and the Hong Kong and Shanghai Bank, HSBC building, Victoria harbor, Hong Kong, China.The U.S. will enter a downturn in the fourth quarter, followed by a "year of contraction and a European recession in 2024," according toIn its mid-year outlook, the British banking giant's asset manager said recession warnings are "flashing red" for many economies, while fiscal and monetary policies are out of sync with stock and bond markets.
"We are already in a mild profit recession, and corporate defaults have started to creep up too," Little said in the report seen by CNBC.
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