Hedge funds managed by Odey Asset Management were up 6% on Monday as a global equity sell-off continued from Friday, when several indexes plunged by the most in a single day since 2016.

British-born money manager Crispin Odey, whose firm runs around $5.5bn of assets, is well-known for his bearish bets. For more than two years he has predicted a global recession akin to 2008, and is selling stock markets short as a result.