Reuters – The current rebound in stock markets is a bear rally and could turn by September, according to hedge fund manager Hugh Hendry, who has recently cut exposure to agricultural stocks.

Hendry, who is partner and chief investment officer at Eclectica Asset Management, said that while stock markets have rallied in recent months on hopes for an economic upturn, developed economies are still heading for a 1930s-style depression.

"To date we are maintaining the profile of the economic contraction that we witnessed in the 1930s. Nothing as yet has changed that profile. It’s still a profile of concern to me," he told Reuters on the sidelines of the GAIM 2009 conference in Monaco.

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