More investment managers expect corporate earnings to increase in the next three months, and a majority expect global gross domestic product growth to accelerate in the next six months, according to a survey conducted by Northern Trust Global Advisors.

The quarterly poll, which was released Tuesday, said 39% of participants think corporate earnings will increase in the next three months, compared with just 1% a quarter earlier. Fifty-eight percent of managers expect global inflation to increase in the next six months, compared with just 17% in the first quarter.

The survey of more than 70 institutional managers was conducted by the multimanager arm of Northern Trust Corp. in June.

The survey reported a decline in managers who believe the market, as represented by the Standard & Poor's 500, to be undervalued. Only 51% viewed the index as undervalued, compared with 80% in the first quarter.

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