Investors’ Surprising Confidence

Please see below the latest ‘Chart of the Week’ from State Street Global Markets


This week, Michael Metcalfe, global head of macro strategy at State Street Global Markets looks at whether the tentative signs of recovery in China can offer a silver lining in the modest fall of US investor confidence in March.

"Whilst State Street's Investor Confidence Index® (ICI)*, fell in March, it is a modest drop when compared to the collapse in consumer sentiment reported last week and as we expect a similar drop in business confidence due to be reported on April 1st.  

“This relative resilience of US investor confidence seems to hint at an element of hope that this downturn will be short-lived and that policy measures already in place will be enough to restart the economy once the storm passes. This becomes even more apparent when you take a look at the regional breakdown of our confidence indicator, which shows that confidence of investors based in Asia Pacific actually improved in March as China showed tentative signs of going back to work. With this in mind, markets will be looking closely at the latest activity indicators in China, as to whether they portend a future turning point for Western markets once their storm has also passed.”




*The State Street Investor Confidence Index® (the index) provides an objective, quantitative measure of global risk tolerance of the world’s sophisticated investors. Regional components measure separately the risk appetites of institutional investors in North America, Europe and the Asia-Pacific region. The index is released globally at 10 a.m. Eastern time in Boston on the last Wednesday of each month. More information on the State Street Investor Confidence Index is available at


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Expiration date: March 31, 2021

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