Its December survey of 1,225 executives translated into a monthly index reading of 47.2 points, ahead of the 46 points recorded in November but still fell below the 50-point mark that indicates neutral sentiment, with higher ratings reflecting a more positive outlook.

The Americas was the most upbeat region on 50.2 points. Asia Pacific registered 48 points, an improvement from 46.8 points in the previous wave of the survey. The outlook remained downbeat in Europe on 44.8 points, but this was up from 42.6 points in November.

Suzy Young, data editor at Warc, said: “The outlook for global trading conditions is positive according to the December data, but this confidence has not carried over to budget setting. There remain a number of risks to future global economic growth and marketing strategies are, consequently, defensive.”