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Investor confidence falls again
Global investor confidence has decreased for the second month in a row, thanks to weak earnings in the US, according to State Street's investor confidence index (ICI).
The global ICI decreased to 106.6 in May, down two points from April, driven by a decrease in the North American ICI from 114 to 109. The Asian ICI increased by 4.1 points to 112.1, while the European ICI rose from 95.4 to 96.8.
State Street Global Exchange executive vice president and chief innovation officer, Jessica Donohue, said the drop in North American investor sentiment was driven by weak earnings in the US, renewed Fed hawkishness, and uncertainty associated with the upcoming US presidential elections.
Co-developer of the index, Kenneth Froot, said "while strong policy support in China fuels the country's economic growth, fears of Chinese Yuan devaluation — along with elevated debt levels — may give investors pause".
"Risk aversion remains central in Europe as investors doubt the efficacy of policy makers and anxiously anticipate the outcome of the UK referendum," Froot said.
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