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CIOs positive about equities: FSC
Australian chief investment officers (CIOs) are reporting their highest level of confidence about investment markets since March 2011, according to a Financial Services Council (FSC) survey.
The FSC CIO Index, which measures the sentiment of CIOs towards investment markets, was 35 out of a range of -100 to 100 for the first quarter of 2013. A score of zero is considered 'neutral'.
The March 2013 score of 35 is up from 8 in December 2012 and 5 in September 2012, according to a statement by the FSC.
Ninety-one per cent of Australian CIOs have a positive view of Australian and international equities, expecting both to perform 'well' or 'very well', according to the FSC.
Twelve months ago, Australian and international equities were expected to perform well by 78 per cent and 56 per cent of CIOs respectively.
FSC chief economist James Bond said the strong outlook for equities is outweighing the negative sentiment on international and domestic fixed income.
CIOs believe that a gradual shift into growth assets will see a rise in equities markets, said Bond.
"CIOs also see that some of the major global political risks such as the European sovereign debt crisis and the US fiscal cliff have been avoided and economic fundamentals are now able to take over," he said.
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