Cubase Meters Off

I’m experiencing a weird issues with Cubase 10.5 metering: if I insert a Test Generator with a sine wave at -0dbFS, the meters in the mixer show +6dB. If the sine waves is at -9dB, it shows up as -0dB in the mixer.

With a sine wave at -0dB, the numerical peak display next to the fader correctly displays “0.0”, but the VU meter is pinned at -6dB.

Any idea what’s going on? Changing Pan Law does nothing. I checked Logic Pro and Wavelab, and they’re fine. I don’t think it’s my system setup or anything.