The State Street Investor Confidence Index rose two percentage points this month, the second gain in a row, hinting that institutional money managers see a better economy.
The figures came as the Conference Board's Consumer Confidence Index showed improvement in the U.S.
One of the index's developers warns against starting a party, however. The figure for Europe and the U.S. was pulled down a bit in the last two weeks, and Asian investors were glum, Harvard Professor Kenneth Froot said.
The State Street measure looks at institutional investors’ sales and purchases to gauge their risk acceptance. A 100 rating is neutral.
The global index was 97.2 in November, reflecting a rise of 4.7 points in North America and 5.4 points in Europe and a decline of 4.2 points in Asia – Asia's second monthly decline.
“This month was a case of ‘two steps forward, one step back’ as strong reallocations to risk in late October and early November gave way to some pull-back from risky assets in the middle part of November,” Froot said.
