Berenberg’s latest poll of a collection of analysts paints a negative outlook, reflecting the most bearish reading since the broker started polling analysts in August 2015.
Berenberg expects a slowdown in global growth, flagging the ‘broad-based nature’ of it suggests more than just trade disputes at work.
In the data series, 27% of analysts imply a positive outlook for economic growth, down from 46% in January.
And the number of analysts that believe growth is slowing has doubled from 24% to 49%.
Berenberg analyst Nick Anderson says there are several factors that could be behind the slowdown, specifically a rapid reversal in monetary stimulus in China and weaker US consumer data.
Looking at US consumer spending data, Anderson says furniture sales, which indicate economic factors such as disposable income, confidence and credit availability, have recently softened.