Signs of recovery from the trade-induced slowdown are “still elusive,” warns Samy Chaar, chief economist at Lombard Odier.

Manufacturing and trade-related sectors are suffering, with the most prominent damage observed in foreign companies based in China and other Asian economies integrated in Chinese supply chains.

Mr Chaar explained the length and severity of this global slowdown are “crucially dependent on a hypothetical deal between the US and China.”

However, despite commitments to keep negotiations alive and a postponement of any new US tariffs, there is still no framework to remove existing tarif...