Sentiment in the euro zone deteriorated more than expected in February as concern about the global economy prompted investors to pare back their expectations to the lowest level since November 2014.
The Frankfurt-based Sentix research group's index, tracking morale among investors and analysts in the euro zone, fell to 6 in February from 9.6 in January.
Analysts polled by Reuters had forecast a reading of 7.6.
"The euro zone is proving, not surprisingly, to be in no way immune to the enormous loss of momentum in the global economy," Sentix said in a statement.
"In particular, the loss of dynamism in Germany and the US is a heavy burden and underscores that the global economy is by now in a very fragile state," it added.
Tepid US growth, falling oil prices and concern over a China-led slowdown on the world economy have rattled markets at the start of 2016.
A sub-index of expectations for the euro zone economy plunged to 1.5 from 6.3 in January, the lowest level since November 2014.
Investors' assessment of the current situation also soured for the third month running to 10.5 from 13 in January.
Meanwhile, an index tracking Germany, the euro zone's biggest economy, fell to 14.5 from 18.1 in January while the expectations sub-component turned negative. "Former locomotive Germany is noticeably cooling," Sentix said.
The survey of 1,101 investors was conducted between February 4 and February 6.
