Global business confidence slipped further last week. A weaker global economy and heightened volatility in financial markets have seemingly done some damage to sentiment. Assessments of present business conditions have been hurt the most, while expectations regarding the outlook into next year are more upbeat. Responses have weakened most in North America and South America, while they have held up better in Europe, despite the recent terrorist attack in Paris. Last week’s results probably should be discounted somewhat given the low response rate to the survey due to the Thanksgiving holiday in the U.S. Moreover, despite the slump in recent weeks, sentiment remains strong by historical standards.