This chart suggests a synchronised global economic slowdown is underway

If the chart below from Westpac Bank is any guide, the positive momentum the global economy enjoyed over the past couple years looks set to come to an end in 2019.

It's the OECD's Leading Indicators for major economies and economic blocs, designed to anticipate turning points in economic activity relative to trend looking six to nine months ahead, according to the group.

As things currently stand, the global economy is looking a bit sick, especially Europe.

While it still remains very low, the uptick in China's indicator is noteworthy, hinting it may offer a counter-cyclical boost to the global economy later in the year as stimulus measures kick in.