Stretch valuations following the rebound in equities and commodities have decreased global investor confidence, according to State Street Global Exchange.
The global investor confidence index (ICI) decreased 5.7 points in April from March's reading of 114.8.
The North American ICI had the largest drop, from 123.7 to 115, followed by the Asian ICI (4.2 points to 107.8), and the European ICI (95.8 to 95.3).
Co-developer of the index, Kenneth Froot, said global sentiment fell moderately during the month as investors contemplated stretched valuations following the recent rebound in equities and commodities.
"Disappointment corporate guidance has been counter balanced by increased easing expectations out of the European Central Bank and Bank of Japan," he said.
"Absent further central bank action, investors will look to improving fundamentals to sustain a rally going forward."
Also commenting, State Street Global Markets senior managing director and head of global macro strategy, Michael Metcalfe said "the implication is that the aggressive easing by the European central bank in March was sufficient to stabilise but not sufficient enough to boost sentiment in the region".