According to a recent survey by Thomson Reuters and INSEAD, business sentiment among Asian companies has posted a slight rise in September after slipping to 10-year lows. The Asian Business Sentiment Index which measure the outlook over the next six months has climbed five points higher in September to touch 58.

Although a figure above the 50 threshold indicates an optimistic sentiment, the reading has failed to rise for over a year, remaining among the weakest levels seen since the financial crisis over a decade ago. Asian businesses are most concerned about a global recession, followed by the US-China trade war as the biggest risks to growth.

The survey reveals that hiring plans and sales outlook have also cooled off in recent months, with more than 67% of respondents planning to either cut staff or hold off on expanding their workforce in the coming six months. Only 39% of respondents expected their sales volumes to grow during this period.

This reveals that business investment and spending is also likely to remain muted until the trade war sentiment improves.