Leading market experts, including Nomura Holding and Goldman Sachs, call investors’ attention to “alarm bells” on behalf of markets that may be a sign of decelerating economic growth simultaneously in many major economies of the world, Bloomberg reports.

Goldman sees slowdown indication in positive relation between stocks and purchasing managers indexes (PMIs). PMIs, which reflect global industrial demand, reached peak in the beginning of this year and now are falling along with the stocks. Analytics assume that such trend will stay here next year as well.

Another sign of general slowdown is decline in IT stocks. Shares of Apple Inc. fell on Monday showing the largest seven-days decline in two years amid demand decrease. Selloff of Apple’s stocks will cause similar selloff within the whole supply chain. It also indicates that consumers will not be able to support economic growth anymore. Philadelphia Stock Exchange Semiconductor Index lost 12% in October, and this is the largest monthly drop in more than eight years.

Oil prices decline, especially in comparison with gold, also tells about weaker global growth. Despite of US sanctions to Iran, WTI oil price keeps falling as weaker economic activity will hit demand. Ratio of gold to oil, which is an indicator of how well safe investments perform in relation to industrial assets, grew to 18 this week. It was below 14 in the beginning of October. Raw material prices are falling as well.

Meanwhile, analytics point out that now they are talking just about slowdown in global growth, which is still quite high. However, risks keep accumulating, and there will be new surprises for the market.