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With Brexit looming, European investor confidence dipped while North American confidence rose slightly in March compared to February, according to State Street Corp.’s latest global investor confidence survey.

Globally, investor confidence rose 0.4 points to 71.3 in March. Confidence in North America rose to 68.3 from 66.2, while it declined in Europe by 7.8 points to 88.4. Asian investors were somewhat more confident, rising 3.6 points to 100.

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“Investors continue to face mounting political risks, including the potential for a hard Brexit, a breakdown in U.S. [and] China trade talks and the potential for populist wins during the European Parliament elections in May,” said Kenneth Froot, a founding partner at State Street, in a press release. “The heightened uncertainty appears to be driving North American and European investors away from risk.”

The index measures how much capital institutional investors are devoting to equities. The more they’re willing to take on, the greater their risk appetite and confidence. A rating of 100 is neutral, meaning investors are either increasing or decreasing long-term allocations to risk assets.

“The recovery in investor confidence has been surprisingly shallow given the V-shaped recovery in the prices of risky assets. Indeed, investor confidence declined even further in Europe as fundamental news continues to deteriorate,” said Michael Metcalfe, senior managing director and head of global macro strategy at State Street Global Markets.

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