Fund that called the last two crashes starts to short global stock markets

The apostles of “value investing” have called the top of the Covid-19 equity rally. 

The closely watched GMO fund has been liquidating its holdings on US and European stock markets and buying hedges at a breakneck pace over recent days, warning clients that the explosive surge in prices since late March has decoupled from fundamentals and is becoming treacherous. “The huge reversal does not make any sense,” it said.

The group’s main fund has turned outright short, taking large negative positions on equity indexes through futures contracts. “It is going to be very difficult to come out of this pandemic

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HMRC furlough figures called into question for double-counting workers

Figures suggest that more than 4 million people are now relying on the scheme – an eighth of the workforce. It covers 80pc of employees’ wages up to £2,500 a month.

But there are questions over double and even triple-counting of people who have been furloughed for several part-time jobs.

Tej Parikh, chief economist at the Institute of Directors, called for more clarity.

He said: “We’d encourage Government to err on the side of more transparency when it comes to publishing statistics.

“The Government has rightly won credit for being agile in adapting its economic policies, and open discussions based

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