For the fourth month running fund managers have become more optimistic that the global economy will improve, and many now believe we are in the midst of a growth cycle rather than approaching its end, according to a monthly survey of industry opinion.

February's Merrill Lynch fund manager survey, which interviewed 206 groups with $680bn (€468bn) under management, saw its composite growth indicator rise from 33 to 36 out of 100. It hit a two-year low of 23 in October.