Corporate spending in Asia is likely fall for the first time in three years, as businesses conserve cash in the face of a stalling Chinese economy, an unresolved trade dispute and Brexit uncertainty, Refinitiv data showed.

Capital expenditure (capex) at 2,137 Asian companies is likely to slip an average 4 percent this year, according to the data, which is based on analyst estimates. The pace of revenue growth is likely to be flat at 3.3%. By comparison, capex - or money spent on maintenance and investment - at the same firms grew nearly 8% last year.

"We are seeing several factors working against capex growth. Credit conditions have tightened and the U.S. dollar is strong. In India and some other markets, the bank lending cycle may have peaked. Auto demand in China is slowing," said Joseph Devine, chief investment officer at Macquarie Investment Management.