Investors remain confident in the outlook for economic growth, according to the latest Bank of America Merrill Lynch Fund Manager Survey.
However, they do express concerns about the environment in China.
52% of respondents now expect the global economy to strengthen over the next year, close to last month’s reading and up four percentage points from May’s.
Sentiment towards China has continued to worsen with 65% of respondents now seeing the country's economy weakening in the next year.
That compares to a similar majority expressing optimism as recently as December last.
Over half of respondents anticipated a 'hard landing' for the world's second biggest economy compared with one third of respondents a month ago.
Investor belief that developed economies - the US and Japan in particular - will still achieve growth is reflected in their growing appetite for equities.