Investor morale in the euro zone improved in November, the first time it rose in three months, reflecting hopes that recent warmer temperatures and falling energy prices will prevent gas rationing on the continent this winter, a survey showed today.

Sentix's index for the euro zone rose to -30.9 points in November from -38.3 in October, surpassing expectations of analysts polled by Reuters for a reading of -35.

The expectations index also bounced back from -41 to -32.3, the highest level since June 2022, the survey said.

The index on the current situation in the euro zone also increased to -29.5 in November from -35.5 in October.

Calling the uptick "not a trend reversal", Sentix Managing Director Manfred Huebner said in a statement that "the rise in situation and expectation values shows how sensitively investors react in their economic expectations to signals from the energy market."

He said warmer temperatures and very high gas storage levels in Germany had eased concerns over rationing and its potential impact on the economy.

"Spot market gas prices collapsed in response. Concerns about a catastrophic gas shortage are fading," Huebner added.

The poll of 1,348 investors was conducted between November 3 and November 5, Sentix said.