Institutional investors adopt more cyclical stance

    NEW YORK, July 18 (Xinhua) -- Greater confidence in the strength of global growth has prompted a more pro-cyclical stance on the part of institutional investors, said a Merrill Lynch's survey released Wednesday.

    The fund managers survey index of growth expectations rose in July to 46, its highest level in more than a year.

    The net balance of those expecting the global economy to strengthen over the next 12 months now stands at minus 5 percent, sharply up from April's figure of minus 29 percent.

    Corporate profit expectations also rebounded strongly, with only a net 12 percent expecting the outlook for corporate profits to deteriorate over the next year, versus 38 percent who took the view in April.

    The survey was conducted by Merrill Lynch, a leading U.S. investment bank, from 6 July to 12 July. A total of 186 fund managers participated in the survey.