Photoshop Opacity not looking correct
I've set the opacity to 79% on the first/ lowest layer. Why is it showing as tranparent instead of just lower opacity on rhe whole image?
I've tried this on a number of files and get the same results. I've reset all settings but this did not help, and this didnt happen a few days ago. What am I doing wrong or is this a bug?
Any help would be greatly appracited.

