Shares face 10% fall, warns markets guru

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The 63-year-old publisher of the Gloom, Boom & Doom report said: "We need some kind of correction, maybe around 5% to 10%, and after that we can maybe rally more into July." While the economic news would not be good, he said: "The rate of getting worse will slow down."

Faber recommended buying stocks in early March and then watched the FTSE 100 index jump from a six-year low of 3512 to back above the 4000 level. However, it sank back below 4000 last night and was up 17.61 to 4011.15 today.

The Standard & Poor's 500 index rallied 25% from a 12-year low since the March tip, but Faber reckons it is time to take profits.

Faber has form for picking turns in the market. He told investors to abandon US stocks a week before the 1987 Black Monday crash and said in August 2007 that US shares were entering a bear market. The S&P peaked two months later before retreating as much as 57%.