Among high net worth investors sentiment slightly improved in November but is still some way off from the cheery mood of August.

A barometer of how high net worth investors think about the economy rose slightly in November from where it was a month before, but they remain subdued about the outlook for equities.

The Spectrem Millionaire Investor Confidence Index (SMICI®) rose to seven from three, far below the high of 20 in August. The index tracks sentiment among households with $1.0 million or more in investable assets.

The Spectrem Affluent Investor Confidence Index (SAICI®), monitoring those with more than $500,000 of assets, actually fell to a negative reading of -1, the first time such a negative outcome had been recorded in nearly two years.

Recent controversy about tariffs between the US and China, as well as the prospect of more hikes to US interest rates, have affected sentiment. Opinion also seems to be growing – see an example here – that the US equity bull market is in its last phases. Even so, organizations such as UBS, for example, state that they are still overweight in global equities, although they are taking a more selective approach to where they put money to work.