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Good morning from the Financial Times. Today is Wednesday, May 18th.

And this is your FT News Briefing.

Global fund managers are holding on to more cash than they have in more than 20 years.

Employers are launching salary advancement schemes to help workers living paycheck to

paycheck. Plus, China's strict COVID lockdowns are taking a huge toll on the economy,

and it's unclear what officials can do to boost consumer spending.

Even if they dropped money into people's homes through helicopters or drones,

it's not clear that would have any effect because what would people spend the money on if they

can't go outside. A Mark Filipino, and here's the news you need to start your day.

If cash holdings are any indication, big investors are increasingly worried about the outlook

for stocks. According to a survey from Bank of America, cash balances among global fund managers

have grown to more than 6 percent. That's the most since the 9-11 terrorist attacks.

The survey of nearly 300 investment professionals includes pension plans, insurance companies,

and hedge funds. Fund managers aren't just growing negative about stocks, though.

A majority say they expect corporate profits to weaken as well.

China's tough approach to stopping COVID is also slowing its economy.

New data shows just how much Beijing's zero COVID policy and weeks of ultra-strict lockdowns

is hurting economic activity. Retail sales dropped more than 11 percent.

Industrial production also took a hit, and unemployment is up over 6 percent.

The FT Shanghai correspondent Tom Hale has more.

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