Investors turn underweight China and India

Confidence in China and India slumped this month, while optimism over the overall global economy held steady from August, according to Merrill Lynch's survey of fund managers for September. A net 35% of fund managers expect the Chinese economy to strengthen over the next year, down from 49% last month and a peak of 62% in June. Emerging market investors are now 9% underweight on China, after 13 months of being overweight. They have also gone from being around 5% overweight India in A…