Thursday’s underwhelming earning reports have become the cause of worry for many.

People’s tension grew more when along with Germany’s largest companies earning reports, another report showing lesser confidence among European business and consumers was released on Thursday, showcasing that the figures reflect slower growth even in the Continent’s strongest economies.

According to the reports, Siemens, which is a bellwether of a German company, reported a net loss in the three months ending June 30. The reports highlighted that the net profit of the electronics and industrial conglomerate fell by
65% to 501 million Euros ($716 million), the figures which are even worse than expected.

Though there are rumors that the cause of the decline in Siemens’s profit figure is Siemens’s exit from a joint venture with the French nuclear technology company Areva but it is also true that the company’s business is facing lower demand for health care equipment and also the strong euro has made a big effect.

Thursday’s report also featured details of the Volkswagen group, which is Europe’s largest carmaker. According to the reports, the company’s profit increased very well in line with their expectations as the quarter figures cited a profit of more than triple to 4.8 billion Euros ($6.9 billion). But it is also being said that the company’s preferred shares cited a fall of 5% after Martin Winterkorn, Chief Executive issued warnings that Europe’s sovereign debt crisis could hurt sales.