Global investor confidence continued to slump in May, according to data from State Street Global Markets.

Despite a surge in confidence among Asian investors, confidence globally declined 0.7 points to 86.4. Asian investor confidence rose 2.3 points to 89. A read of 100 points is considered neutral and represents the point at which investors are neither increasing nor decreasing allocations to risky assets.

Paul O’Connell of State Street, who developed the survey along with Harvard University Prof. Kenneth Froot, said in a press release issued Tuesday that the surge in confidence “among Asian investors this month is notable, but given that the Index for that region is coming off a record low, it is not in itself a strong signal of optimism.”

North American investor confidence remained somewhat steady, dropping 0.4 points from a month earlier to 88.0.

The monthly survey examines risk appetite and investor confidence by looking at the buying and selling patterns of institutional investors each month.

“Although confidence did not exhibit any meaningful deterioration this month, it remains at depressed levels,” Froot said. “The stresses emanating from the Euro-region continue to cause investors’ concern, and increase the attractiveness of cash and fixed income over equity investments.”