The State Street Investor Confidence Index reading of the outlook of institutional investors showed a four-point decline in September to 88, down from 92 in August. In North America, the drop was more pronounced; the confidence level fell 7.3 points to 87.9 from August’s reading of 95.2.

“This month’s decline in global investor confidence is somewhat surprising, in light of the meaningful rally in risky assets since the last data release,” said Harvard University Professor Ken Froot, who helped develop the index with State Street Global Markets. It looks at the actual buying and selling patterns of institutional investors with a particular eye to equity exposure.

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