Economic expectations in the euro zone may stabilize slightly in July following the sharp slide in June. The overall index rose from 9.3 to 12.1 points.

However, this seems more of a "technical" counter-movement. The index for Germany, for example, has dropped again, for the sixth time in a row, to just 16.2 points.

The global environment is also showing more and more signs of an economic slowdown. For Japan, for example, we are recording the sixth consecutive decline in the overall index and economic expectations for Asia ex Japan are slumping by more than 10 points. US economic expectations are also falling to their lowest level since August 2012.