Yesterday's headlines rang out with talk of Europe inching toward the end of recession. It's unknown as to whether this signifies the beginnings of a full-fledged recovery or simply a boost due to a temporary increase in consumption. Time will tell. But the better-than-expected second quarter in Europe, notably in France and Germany, is a sign of how quickly the economy -- and the media's coverage of it -- can change.

Last November, the Economist reported on the Euro zone's first-ever economic recession, underscoring Germany's woes. Bank of America economist Holger Schmieding explained that in Germany, "The case for tax cuts ... has never been stronger." In early May of this year, European Union officials hung their heads lower and told the world that the recession was "deep and widespread," again highlighting Germany's problems and predicting that it would be hit the hardest due to a drop in exports. It seemed Europe was in for a long and tumultuous descend into poverty.

But yesterday? The story changed entirely: Statistics revealed that France and Germany's economy actually grew (albeit slightly) in the second quarter because of incresed exports to Asia, consumption and massive government spending, lifting the two European superpowers out of recession. The gloom surrounding the EU's economic vulnerability shifted to hope that the entire globe is prepared to prosper once again. Germany, once feared to be the harbinger of crushing economic hardship, is now expected to lead Europe to safety. All in a few months' time.

Is Europe's economy really this volatile and unpredictable, or is the media (and the public!) consistently jumping to unnecessarily dramatic conclusions about recessions and recoveries? At this point, anything is fair game.

Thankfully there's still room for tepid and vague speculation amongst the cheers and the groans. Gilles Moec, Deutsche Bank's senior European economist in London, added a hefty dose of skepticism to yesterday's uplifting news. "The recovery is very fragile and thinly based," he said. "Yes, the recovery has started, but we don't think it will be that strong in the second half."