Situation values and expectations are falling equally, even in individual countries such as Germany. The dynamics of the downturn are similar to those of the pre-crisis year 2007. Expectations, as weak as in August 2012, challenge the (monetary) policy.

There are no rays of hope to be reported internationally. In all regions, including the USA, which is accustomed to success, the situation values and expectations collapsed. A further interest rate hike by the Fed or an intensification of the US-China trade dispute seems to be the last thing the global economy needs at the moment.