Investor confidence has declined, but concerns over the European economy appear to be easing, a monthly Bank of America Merrill Lynch survey of fund managers found.

Only 24% of respondents expect the global economy to in the next 12 months, down from 42% in May and 61% in April, according to the survey, which Bank of America Merrill Lynch released Tuesday.

The survey was conducted as global equities were down 7.5%. Twenty-eight percent of the respondents said global profits would improve in the next 12 months, versus 47% in May and 67% two months ago.

Negative sentiment toward Europe, at its worst in May, has softened. Nineteen percent of the fund managers predicted that the euro would appreciate over the coming year, versus 7% in the May survey.

The survey was conducted from June 4 to June 10. The 207 fund managers polled manage assets of $606 billion.

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