Investor confidence fell this month from 100.8 to 91.6 points, according to the latest numbers from State Street Global Markets investor confidence index.

The State Street Investor Confidence Index measures investor confidence by analyzing institutional investors’ buying and selling patterns. For the index, a level of 100 is considered neutral, with no increase or decrease in risky asset allocations.

The decline came as investor confidence fell 9.2 points from January’s reading of 100.8 to reach 91.6 points for February. That decline came as investor confidence fell across all regions, according to State Street. European investors lost the most confidence, falling 13 points, or from 92.8 points in January to 79.8 points in February. North American institutional investors declined 6.8 points, or from 99.3 to 92.5 points. Asian investors fell 4.3 points, from 96.5 to 92.2.

The dip in confidence points to the unstable political environment in the Middle East and Africa, changing emerging markets policies and concerns about the pace of increase interest in developed market equities, according to State Street.

“Looking at the underlying data, we see that institutional flows into emerging markets and Asia Pacific, excluding Japan, continue to fade from their highs in the third quarter of last year,” said Paul O’Connell of State Street Associates, one of the creators of the index. “This coupled with a discernable lack of interest in U.S. equities has driven the confidence measures down.”

State Street Global Markets is the investment research and trading arm of State Street Corp. State Street Global Markets operations include investment research and trading in derivatives, equities, fixed income and foreign exchange.