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Fundamental Forex Analysis

China shows highest levels of confidence among major economies for 2020

According to an annual global CEO survey by auditing and consultancy firm PwC, China shows the highest levels of confidence among major economies, with 45% of CEOs saying that they are very confident of growing revenues in 2020, as cited by Xinhua news agency.

Key Findings:

“The share of CEOs very confident in their 12-month growth prospects is 36 percent in the US, 27 percent in Canada and 20 percent in Germany. Japan has the least optimistic CEOs with only 11 percent.

The US retains its lead as the top market CEOs look to for growth over the next 12 months at 30 percent, one percentage point ahead of China at 29 percent, trade disputes and political tensions have seriously dented the attractiveness of the US for CEOs in China.

CEOs are showing record levels of pessimism in the global economy, with 53 percent predicting a decline in the rate of economic growth in 2020.

CEO pessimism over global economic growth is particularly significant in North America, Western Europe and the Middle East, with 63 percent, 59 percent and 57 percent of CEOs from those regions predicting lower global growth in the year ahead.”

The above findings of the survey had little to no impact on the market sentiment, as it remains weighed down by the outbreak of Coronavirus and its growing negative impact on human lives. USD/JPY drops back below 110.00, as S&P 500 futures and Asian equities witness sizeable losses. 

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