Sausages are the new sushi. German bonds have been turning Japanese since September, when the 10-year yield first fell below 2 per cent. Now the two-year bond has reached a level only seen even in Japan for just three months back in 2002: a minuscule yield of 0.04 per cent.

Faced with existential fears for the eurozone and weak economic data from the US yesterday, investors are desperate for havens. So they should be buying companies exposed to those strong emerging markets that are going to rule the 21st century, right? Not so much.

There have been investments worse than European exporters to China. But not many. Since June, a Deutsche Bank basket of European companies with heavy reliance on China is down more than a third. Exporters to the US fell only 8 per cent, and the wider Eurofirst 300 index is down 13 per cent.