CEO confidence rose again in the second quarter after edging up in the prior quarter. The Conference Board’s measure of CEO confidence rose to a level of 53, up from 47 in the first quarter of 2016.

A reading of more than 50 reflects more positive than negative responses.

“Confidence among CEOs increased for the second quarter this year. CEOs’ short-term outlook for the US is somewhat neutral, while the outlook for Japan, China and Brazil improved from last quarter, but on whole remains negative,” said Lynn Franco, director of economic indicators at The Conference Board. “Prospects for India and Europe were moderately positive, although sentiment is likely to have changed following the approval of the Brexit referendum in June. Three out of every four CEOs expect profits will increase over the coming year, with market/demand growth and cost reductions the major driving forces.”

Globally, CEOs’ assessment of current conditions in India and the US remains neutral to slightly positive, respectively. Current conditions in Europe, Japan, China and Brazil improved from last quarter, but CEO sentiment remains in negative territory.