Graph showing adviser confidence in global economy. Source: Skandia
Financial advisers in the UK are the only region which has remained confident in the global economy, according to Skandia.
The firm surveyed 349 financial advisers from around the world and found all other regions saw a fall in confidence levels.
This is the first fall in the past 12 months and confidence now stands at 5.8 out of 10, down from 6 out of 10 last quarter.
Financial advisers in the UK were the only region where confidence has stayed level at 5.9 this quarter and last quarter. UK financial advisers also had most confidence in their local economy, increasing from 5.2 last quarter to 5.8 out of 10.
The biggest drop in confidence was from financial advisers in the United Arab Emirates which fell from 7.1 to 5.8. Financial advisers in Europe also fell sharply from 6.2 to 5.2.
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Looking at specific sectors, all regions reported a drop in confidence in the Chinese economy. Confidence fell from a total of 6.1 last quarter to 5.8 out of 10 this quarter. Most concerned were advisers in Singapore where confidence in the Chinese economy fell from 6.6 to 5 out of 10.
James Millard, director of investments at Skandia, said: "The recent difficulties in Asia are understandably impacting on global confidence. The abundant liquidity that had poured into the region following the global financial crisis is becoming increasingly scarce and advisers and investors are increasingly cautious."
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