CEO confidence declined in the third quarter after improving in the first half of the year. The Conference Board’s and PwC Network’s measure of CEO confidence fell to a level of 48 in the third quarter from 58 in the second quarter.

A reading of more than 50 reflects more positive than negative responses.

“Confidence among CEOs waned in the third quarter,” said Lynn Franco, director of economic indicators at The Conference Board. “However, expectations for the US, Europe and India remain positive. Short-term expectations for Brazil remain subdued, as does the outlook for Japan, but sentiment regarding China’s prospects has deteriorated considerably.”

Results regarding spending plans were mixed.

“More than a quarter of chief executives report increasing their companies’ capital spending plans since January, while 20% say they have scaled back spending,” Franco said.

CEOs’ assessment of current economic conditions was considerably less positive than in the second quarter. Now, just 19% say conditions are better compared to six months ago, down from 46% last quarter. Likewise, business leaders’ assessment of conditions in their own industries was less positive, with just 18% claiming conditions in their own industries have improved, down from 49% in the previous quarter.

Looking ahead, sentiment is rather guarded, according to The Conference Board. CEO expectations for the US, Europe and India are positive, while sentiment regarding Japan’s outlook has turned slightly negative. CEOs are extremely pessimistic about the near-term outlook for China and Brazil.