The sentix economic index for Euroland falls to its lowest level since November 2014. Despite the supposed calm on the stock markets and the resumption of customs talks between the USA and China, the current situation and expectations are falling.

The Sentix research group said its investor sentiment index for the euro zone fell to -5.8 in July, down from -3.3 the month before, and well short of the 0.3 analysts had forecast. That was the lowest reading since November 2014.

In Germany, the overall index even fell to its lowest level since November 2009. A recession in Germany seems inevitable. A sub-index for Germany plunged to -4.8 from last month's -0.7, its lowest in almost a decade.

Investors are thus not following the positive signals of the stock market, and there is no belief in a quick settlement in the trade dispute. Twitter reports alone will no longer lure investors around the world out of their reserves.