Encouragingly, for those of a contrarian bent, the latest Merrill Lynch survey of global fund managers found that most investors are underweight in emerging-market shares at the moment.

ECONOMIST: A health check for emerging markets

Also reflecting improved investor sentiment, Bank of America Merrill Lynch's most recent monthly survey of fund managers showed that just 3% of fund managers participating in the January survey expect the global economy to weaken over the next year, compared with 27% holding that view in December.

WSJ: Japan's Nikkei Rises

Merrill Lynch, another American investment bank, found in a recent survey of European fund managers that only 10% thought that countries mattered for their investment decisions, but 76% said it was crucial to be in the right sector.

ECONOMIST: When countries don��t count