Investor morale in the euro zone fell to 2.7 points in October from 5.1 points in September, a survey showed on Monday. Analysts had expected a reading of 5.0 points.

The Sentix index had reached its highest level in over four years in September. The survey said investors’ assessment of current conditions was unchanged, but expectations suffered a “noticeable setback.”

The current situation subindex held steady at minus 3.3 points. The expectations component fell by 5 points to 8.8 points.

In Germany, the headline index slipped to minus 3.6 points from minus 2.8. Expectations there fell to 8.0 points from 12.3. Germany’s current situation improved for the fourth month in a row, reaching minus 14.5 points, its highest since May 2023.

Sentix said that even in Germany, where hopes of an economic upturn remain intact, expectations are dampening in a way that should not be overlooked.

A total of 1,030 investors, including 218 institutional investors, were surveyed between October 1 and October 3.