We study the semiflow S(t) defined by a semilinear parabolic equation with a singular square potential V (x) = µ |x| 2 . It is known that the Hardy-Poincaré inequality and its improved versions, have a prominent role on the definition of the natural phase space. Our study concerns the case 0 < µ ≤ µ * , where µ * is the optimal constant for the Hardy-Poincaré inequality. On a bounded domain of R N , we justify the global bifurcation of nontrivial equilibrium solutions for a reaction term f (s) = λs − |s| 2γ s, with λ as a bifurcation parameter. The global bifurcation result is used to show that any solution φ(t) = S(t)φ0, initiating form initial data φ0 ≥ 0 (φ0 ≤ 0), φ0 ≡ 0, tends to the unique nonnegative (nonpositive) equilibrium.