Despite ultra-low interest rates, practically unlimited liquidity, and a capital market seemingly willing to lend to anyone for anything on any terms, the very heart of Europe's economy - German CapEx on machinery - is falling at a rate faster than during the Tech bust... the tough news for anyone looking for a silver lining is that this just goes to confirm what we saw in US durable goods orders [3] - there is simply no 'decoupling', it is a lead-lag inter-linked global economy.
[4]
(h/t Sean Corrigan of Diapason Commodities)