The US stock market is a better bet than China, where the economic outlook is more uncertain, according to a global survey of institutional investors by the Economist Intelligence Unit. Previous confidence in the largest emerging markets has faltered, the survey shows .

As the gold price remains under pressure, the results also show moderating expectations for inflation: in 2011 half of the investors polled forecast inflation in their home market of at least 4 per cent in the following 12 months. This year that proportion had dropped to 29 per cent.

The annual survey of more than 700 investors and executives, sponsored by Bank of New York Mellon, found that Brazil and India have fallen from favour since the first survey in 2011, while Russia – the fourth member of the Bric group of emerging nations – is now ranked behind Japan in expectations for asset price growth.