A pure confidence crisis?

Cyclical indicators are starting to fall in OECD countries . Yet the macroeconomic environment (monetary policy, fiscal policy, corporate profitability, oil price) is positive. We can therefore imagine that the cyclical downturn is due to a simple confidence crisis, given the accumulation of risks (protectionism, Brexit, Italian crisis, slowdown in China, US shutdown). The trend in economic surveys is actually consistent with this theory of a confidence crisis.