Sentiment in the euro zone picked up in December as investors took a brighter view of the future, probably due to expectations that the European Central Bank will start buying assets next year.
Sentix research group's index tracking morale among investors in the euro zone climbed to -2.5 in December from -11.9 the previous month.
This was much better than the -10.5 forecast in a Reuters poll.
The rise was driven by the third-strongest increase in investor expectations in the index's 12-year history to 12 from their November reading of -2.
ECB President Mario Draghi said last week that the euro zone's central bank would decide early next year whether to take further action to revive the bloc's economy.
"His de-facto announcement of broad-based security purchase programme is probably the main reason why investors' expectations for the coming six months have improved so dramatically," Sentix said.
The ECB has set itself a goal of expanding its balance sheet - buying assets from banks and others in return for cash it hopes will be pushed into the economy - by up to €800 billion or even €1 trillion.
Today's Sentix survey showed investors' perception of the current economic situation improved in December but remained in negative territory.
A sub-index tracking sentiment in Germany surged to 19.6 in December from 9.8 in November, with Sentix pointing out that a weak euro is helping Germany, a traditionally export-oriented economy, while consumers and companies are benefitting from lower oil prices.
