Despite Greece and China, the ZEW expected to improve

Despite the ongoing uncertainty over Greece and continued volatility in Chinese stock markets, in July, the ZEW investor economic sentiment indicator is expected to strengthen, to 33.7 from 31.5 before. 

But in line with other indicators suggesting that the gradual recovery in the euro area and the US is on track or strengthening at the end of Q2. 

"However, although expectations are likely to improve, the assessment of current economic conditions is likely to weaken, to 59.4 from the very high level of 62.9. Real GDP is on track to meet the 0.5% qoq expectation for Q1 and with improving factory orders and a still strong labour market, growth in H2 should also stay in line with our current forecast of around potential growth (0.4% qoq)", says Societe Generale.