Investor confidence in the eurozone economy slumped more than expected in July, amid rising interest rate hikes across Europe and North America, according to a survey released on Monday.

The Eurozone Sentix Investor Confidence Index dropped to -22.5 points in July from -17 in June. The latest reading was the lowest since November 2011, when Europe's energy security was in question.

In particular, the situation in Germany, which is considered an economic bellwether for Europe, is having "dramatically bad" values.

The country's overall index fell 7.3 points to -28.4 in July from the previous month, at the lowest levels since October 2022, with "no improvement in sight".

The survey noted the currency union continued in recession mode and regional economic outlook remains gloomy.