Asian and European companies are building huge stockpiles of cash. But what has to happen for them to increase investing, and how much of a lift for the global economy could this create?

Fidelity Worldwide Investment has surveyed its Asian and European teams of equity and credit analysts to gauge how the companies they cover are behaving in the present environment. It finds that companies are not retreating from spending, but are maintaining steady levels on IT, hiring and capex.

But without more certainty about the eurozone and the Chinese economy, it's hard to see companies expanding their activity, or using their cash to engage in M&A or other strategic activity.

In this video, Matthew Sutherland, head of research for Asia-Pacific at Fidelity, discusses the survey's findings and implications.