Singapore home to Asia’s most bearish companies, reveals poll

Outlook deteriorates as China woes mount.

Singapore’s largest firms have the most pessimistic business outlook among companies in Asia, according to the latest Asian Business Sentiment Survey by Thomson Reuters and INSEAD.

Singaporean firms saw nothing positive in the first half of 2016, with three saying their outlooks were neutral and four negative. 

Four cited China’s economic slowdown as the top worry while one flagged a U.S. interest rate rise expected this week as a concern. 

This is the second time that Singaporean firms have been named as Asia’s most pessimistic.

The Asian Business Sentiment Index, representing the six-month outlook at 103 firms, was 58 in the December quarter from 60 in September and 72 a year prior. A reading over 50 indicates a positive view. This marks the lowest level in four years.