European stock indexes have largely clawed back losses suffered since President Vladimir Putin sent Russian troops into Ukraine. That doesn’t necessarily mean traders are feeling optimistic.

Investors around the world say they are still looking sceptically at investing within the European continent, even though the pan-continental Stoxx Europe 600 is now hovering almost exactly where it closed the day before the invasion. The euro, meanwhile, has rebounded slightly from the nearly two-year low the currency reached earlier this month, closing on 23 March around $1.10.