The State Street Investor Confidence Index rose 2 points in November to 97.2. In North America, the index rose 4.7 points to 95.2, and in Europe, it rose 5.4 points to 101.5. In Asia, however, the index fell 4.2 points to 94.6.

A reading of 100 is neutral, meaning that the institutional investors that the index tracks are neither increasing nor decreasing their allocations to risky assets.

“This month was a case of two steps forward, one step back, as strong reallocations to risk in late October and early November gave way to some pull-back from risky assets in the middle part of November,” said Harvard University Professor Kenneth Froot, who developed the index in conjunction with State Street Associates’ Paul O’Connell.

“To a large degree, the ebb and flow was driven by persistent doubts about the way forward for European policymakers,” Froot continued. “At 97.2, Global Investor Confidence is close to its three-year median—signaling that investors are adopting a wait-and-see attitude at this midway point of the fourth quarter.”

-- This article first appeared on Money Management Executive.