(Reuters) – Investor morale in the euro zone improved at the start of December for the third month in a row, although it remained uncertain whether this was the start of a long-term trend reversal, a survey showed on Monday.

Sentix’s index for the euro zone rose to -16.8 points from -18.6 in November, falling short of the -16.4 December reading forecast in a Reuters poll of analysts.

Sentix Managing Director Manfred Huebner said Germany struggled to keep up with even these moderate improvements, with expectations in the euro zone’s largest economy consistently low.

The subindex for future expectations in the euro zone also posted its third monthly recovery in December, although it remained in negative territory with only a slight increase to -9.8 from -10.0 the previous month.

“So far, there are no signs of a new upswing in any region,” Huebner said. “Opportunities for this could arise at the start of the year,” he added, pointing to positive developments in the inflation outlook.

The poll of 1,245 investors was conducted between Nov. 30 and Dec. 2.