Fund manager's comment/David Ballance
European equity markets continue to be weak and have now lost almost 18% in sterling terms since the start of the year. Although the recent reporting season has not been as bad as the US, it has underlined that Europe is not immune from the global slowdown. The US Federal Reserve Board's response to the deterioration in the US economy has been swift and, by historical standards, relatively aggressive. Contrast this to Europe, where despite signs that growth is decelerating and latterly that inflation has peaked, the European Central Bank (ECB) has trimmed rates by just 25 basis points. C...
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