The State Street Investor Confidence Index rose 7.9 points in July to 108.9, driven by a 10.0 point increase in the North American component to 112.1. Dragging down the overall index were the components for Europe, down 4.3 points to 94.2, and Asia, down 1.3 points to 96.0. Continued improvements in global economic growth have reignited the risk appetite of institutional investors, as strong earnings growth expectations and optimism based on an improving economic outlook have taken precedence over the rising anticipation of central bank balance sheet reductions and a more hawkish tone, according to State Street. But Europe remains risk-off territory, State Street noted, despite strong corporate data and fading political headwinds. In Asia, concerns about the Trump administration's global trade policies have taken a toll on institutional investor confidence.