Fund managers bullish on Asia

A survey of global fund managers by Merrill Lynch shows continued faith in Asian markets even as confidence elsewhere falters.

Every month Merrill Lynch surveys nearly 300 global fund managers to gauge market sentiment and its August report paints a fairly gloomy picture รป except for Asia, which seems to be one of the few bright spots. Of the 292 fund managers directly responsible for $706 billion of assets responding to the survey, only 25 are Asia-Pacific specialists and another 22 Japan specialists.

The best outlook for corporate profits is in global emerging markets, according to 35% of the 292 respondents, and the bulk of those markets' capitalization is Asian, says David Bowers, chief investment strategist in London.

Only 7% felt emerging markets offered the last favourable outlook for corporate profits, versus 29% who were...

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