LONDON - Big investors are bracing for this summer's stock market rout to run into the autumn, fearing a broader wave of selling will follow the turmoil sparked by U.S. recession concerns and the Bank of Japan wrong-footing currency speculators.
"It's not simply now a large financial market accident, which maybe we could describe last week as. It's broader than that," said Mahmood Pradhan, a former IMF deputy director and head of global macro at the research arm of Amundi, Europe's largest fund manager. UBS European equity strategy head Gerry Fowler said hedge fund selling was likely over but slower moving mainstream investment managers often take four-to-six weeks to adjust their portfolios.
Federal Reserve chair Jerome Powell's speech at next week's annual Jackson Hole central bank conference and artificial intelligence giant Nvidia's Aug. 28 earnings report are other market risk events.
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