Investor confidence has fallen to a record low for the second month in succession, according to the Bank of Scotland Investor Sentiment Index.
The drop came despite recoveries in the market performance of equities, property and commodities.
The bank says investor confidence may have been impacted last month by the surprise cut in the ECB interest rate, and the downward revision of forecast UK growth this year.
But UK government bonds were the only asset to see month-on-month declines in market performance, down 0.7 per cent, while emerging market equities and commodities (up 6.9per cent and 4.9per cent respectively) rebounded strongly in performance but not in investor perceptions.
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