A survey of more than 11,000 companies worldwide revealed optimism dropped to the lowest point since global data began being collected in October 2009.
The Markit Global Business Outlook Survey that although the percentage of companies expecting their business to improve in the next year was greater than those forecasting a decline, the 30 per cent positive net balance was the slimmest in the series’ history. The figure is down from the 37 per cent balance in June and 44 per cent reading in February.
The crisis-hit Eurozone posted a net balance of just eight per cent, with France showing the steepest decline in confidence – down from a 16 per cent positive balance in June, to the break even point of zero.
Meanwhile US companies were remarkably optimistic, despite global concerns of a looming fiscal cliff. Their confidence level shows a positive net balance of 50 per cent.