German investor confidence slipped unexpectedly this month on expectations that Europe's largest economy will cool over the next six months.
The ZEW institute said its monthly confidence index fell to -15.7 points in November from -11.5 last month.
Economists had expected a third monthly increase in a row, albeit only a small one.
ZEW said that this month's drop may be due to disappointing indicators such as poor industrial orders.
Figures on Thursday are expected to show that Germany grew in the third quarter, though only modestly. Many economists think Germany may slacken further over the winter months.
Germany enjoyed robust growth over the past two years but the debt crisis that has pushed several European countries into recession is hitting confidence as well as exports.
''Prevailing recessionary developments in the eurozone impact the German economy via foreign trade and a lack of confidence," ZEW head Wolfgang Franz said. "This is likely to be a burden for economic growth in Germany during the next six months."
The German government's panel of independent economic advisers last week forecast that the economy will grow by only 0.8% this year and next.
The ZEW, or Centre for European Economic Research, surveyed 263 analysts between October 29 and November 12.
