Things didn't get quite as bad during the Greek crisis as everyone thought, it turns out, after Eurozone growth for the second quarter was revised upwards.
Official statistics published this morning showed the bloc grew 0.4 per cent between April and June, up from the 0.3 per cent originally thought. At the time of the original estimate, economists expected growth of 0.4 per cent.
Of course, that's likely to be partly thanks to the €60bn-a-month quantitative easing programme introduced by the European Central Bank in March.
But continued weakness on the other side of the world suggests things may take a while to pick up.
Data published last night suggested Chinese imports fell 14.3 per cent in August, while exports fell 6.1 per cent. Last month, weak manufacturing figures from China sent markets into a spin on fears of a global slowdown.