Recession risk 'coin flip' over the next year

Saudi riyal, yuan, Turkish lira, pound, U.S. dollar, euro and Jordanian dinar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/IllustrationLONDON, Sept 13 - The risk of a global recession over the next 12 to 18 months is close to a "coin flip" and financial markets are underestimating the chances of one in the United States, executives at bond giant PIMCO said on Wednesday.

He was referring to strong data prints in the U.S. recently which have prompted markets to scale back expectations for rate cuts from the U.S. Federal Reserve over the next 12 months. Speaking at the same event, Richard Clarida, former Fed vice chair and a global economic advisor to PIMCO, said the odds of a moderate U.S. recession are higher than markets are pricing in.

On China, where slowing demand and a deepening property crisis have exacerbated economic slowdown, portfolio manager Pramol Dhawan said PIMCO was looking for additional stimulus to support the economy and had not yet seen a "credible solution".

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