While US investors are fighting each other off to buy stocks (well FANG stocks), Chinese and European equity markets have suffered in recent months amid growth concerns and trade war fears.

One might not know it looking at the Euro Stoxx 50 Volatility Index hovering just barely in the double digits…

But, as Bloomberg’s Benjamin Dow notes, larger prices swings could be coming to European stocks this month as volumes dry up.

Even by August standards, it’s unusually quiet. The last time Stoxx 600 volumes’ 15-DMA for this particular day was lower was in 2000:

It could be an ominous sign for those who are betting on a quiet end to the month, amid numerous macro stormclouds like Sino-U.S. trade jabs, U.S. politics (sanctions and mid-term elections), Italy-EU budget battles, and Brexit.

As Dow warns, an anomalously busy start to the month in terms of macro newsflow combined with low volumes could well set the stage for fireworks.