Optimism is returning to the markets, with 26% of fund managers surveyed by Merrill Lynch believing that the global economy will improve within the next 12 months. In January, that measure was net negative 24%.

Respondents also said that they are beginning to unwind bearish positions, particularly bank stocks; the number of fund managers underweight bank stocks declined to 26% net in April, down from 48% net in March.

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