The German IFO (Information and Forschung) business climate numbers were released less than an hour ago, aaand they missed the expectations. The main headline number was expected at 108.5 but the real number after the sampling 7,000 businesses in July was 106.2.

This is an important leading economic indicator because of the large sample size and its close connection to the German and EU business climate. If you look deeper into the details it gets worse.

So, this indicator missed the expectations, but the question is who or what is to blame for the deterioration of the business climate in July. Some blame the ECB (European Central Bank), some blame the "failed Turkish coup", IFO blames Brexit, I would blame the lost penalties in the Olympic football final. People tend to put the blame all over the place except where it belongs.

How about looking at your own government for all the failures and stop blaming the EU for once. You can´t beat Brittain to it, Brittain is the champion of blaming the EU for all its own government failures through decades.