Investment Europe-Chiara Albanese said that between June and July, the index rose by 0.7 points, reaching 94.
“Confidence among both North American and European investors ticked downwards, while sentiment among Asian investors was slightly improved,” State Street said.
The North American ICI declined 0.6 points from June’s to settle at 93.1, while the European ICI fell 0.5 points from June, reaching 101.7. Meanwhile, the Asian ICI was up 0.8 points from June, reaching 91.
“The message being sent by institutional investors this month is one of cautionh. The pick-up in equity buying that we noted last month proved short-lived, and flows had turned negative by the end of our July sample,” said Harvard University professor Kenneth Froot, who developed the index with Paul O’Connell of State Street Associates.
O’Connell added: “Although there was a small uptick in Asian investor confidence this month, on a relative basis, the index for that region remains the most bearish, 9 points below the neutral level of 100.”