Paint it black. Akzo Nobel’s €1.2bn writedown on the value of ICI, the British paint company it acquired in 2007, is the latest sign that companies are hunkering down for a prolonged slump. Investors cheered when the Dutch chemicals group paid €12bn  for ICI near the height of the bull market, cementing its position as the world’s biggest decorative paints maker.

As recently as September, some held out hope that the increased exposure to Latin America and China that Akzo gained through the ICI deal might help it avoid the worst of the fallout from slower growth in the US, UK and Europe.