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Investor confidence slips back in April
The State Street Investor Confidence Index (ICI) slipped again in April, after a March rebound reversed a plunge in February.
The index dropped 3.9 points from 91.6 to 87.7, mostly as a result of a decline in confidence in Asia where there was a 7.5 point drop to 87.0, according to State Street Global Markets.
Elsewhere, institutional investor confidence as measured by buying and selling patterns related to equities was relatively static. North America eased 0.7 points to 88.8 and European confidence was down just 0.1 to 100.5.
Index co-developer Kenneth Froot of Harvard University said this was the second consecutive month Asian investors exhibited a pessimistic streak that was in contrast to their North American and European peers.
"The Asian ICI is now at an all-time low, and reflects particularly concerted selling of equities by Asian domiciled institutions.
"It would appear that concerns about the impact of slower growth both within and outside Asia are taking their toll and causing investors in that region to increase cash and fixed income holdings."
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