Portfolio managers favour global emerging markets
Global emerging markets remain the most favoured region for equities
Spotlight of investor pessimism has shifted to Japan and the U.S. from China and Europe
Fund managers concerned over outlook for U.S. equities
Institutional investors seeking safety in cash
Institutional investors scale back growth expectations
Cash balances fall to lowest reading since mid-2007
Fears of a double-dip recession have receded
Equity allocations have risen sharply month-over-month
Markets are far too fixated on the slow, halting, return to growth scenario