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In a recent survey by Munich-based Ifo Institute, the global economic climate clouded again in the third quarter of 2018 given the escalating trade dispute. The relevant index fell from +16.5 to +2.9 points, roughly back to the level of the first quarter of 2017, with expectations in particular again falling sharply from +6.1 to -10.6 points, the lowest level since the end of 2011, with the economic climate deteriorating in almost all regions and the associated drop in expected global investment activity.
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