(John Kemp is a Reuters market analyst. The views expressed are his own)

* Chartbook: tmsnrt.rs/2GKTolW

By John Kemp

LONDON, April 26 (Reuters) – World trade volumes are falling for the first time since the end of the financial crisis in a sign the global economy is only one more major shock away from recession.

Trade volumes in the three months between December and February were down 0.8 percent compared with the same period a year earlier, according to the Netherlands Bureau of Economic Policy Analysis (CPB).

Trade is retreating for the first time since the fourth quarter of 2009, when the economy was still being buffeted by aftershocks from the financial crisis (“World trade monitor”, CPB, April 25).

South Korea’s KOSPI-100 equity index, dominated