There may be ominous signs of a recession, but Standard Chartered CEO Bill Winters says it doesn't look like a downturn is on the horizon.

"On balance, things feel okay right now. We know that the global economy has slowed, but there are signs of a bottoming out beginning to pick up. There are signs from China, there are signs from Europe — I would say more tender in Europe. This idea that we are in a straight line to a recession sometime next year looks less likely today." Winters said.

Winters pointed to three factors to support his prediction. "Part of it is the Fed, part of it is the sense that there's progress on the trade discussions between the U.S. and China," he told.

"Part of it is we are in the cycle — we've probably gone through the deleveraging period in China ... in some of the rest of emerging Asia. Not completely, but there's the sense that we're coming back up," he continued, referring to China's efforts to reduce debt levels.