A closely-followed HSBC survey has shown the share of investors upbeat on emerging market assets has doubled over the last three months to the degree that ‘bulls’ now outnumber ‘bears’ for the first time in almost 1-1/2 years.

The survey was conducted between November 2 and December 9, among 118 institutions that between them oversee nearly half a trillion dollars worth of EM assets.

It showed the share of participants now “bullish” on EM prospects over the next three months had nearly doubled to 29 per cent from 15 per cent in the previous survey in September, while those who were “bearish” had reduced to 18 per cent from 41 per cent.

HSBC said the switch coincided with easing inflation concerns, expectations of a slowdown in monetary tightening by major global central banks, as well as news about reopening in China and measures to support its battered property sector.