Investor morale in the Eurozone reached a four-year low in January, according to a survey released by the Germany-based Sentix group, which carried out a survey of close to 1,000 investors from January 3-to-5.

European business confidence appears to have been affected by the ongoing trade dispute between the United States and China as well as the potential fall-out from the United Kingdom’s withdrawal from the European Union if a deal that lays the groundwork for the relationship between London and Brussels post-Brexit is ageed upon before Britain leaves the EU in March.

“The Eurozone is dangerously close to stagnation” and “neither politicians nor central banks seem to have really grasped the extent of this loss of momentum,” Sentix managing director Manfred Huebner warned in the company’s assessment.

Projections for the German economy – the biggest in the Eurozone – have dropped to their lowest level since August 2012.