Relative to other developed markets, Europe has come through the first half of the year pretty well ...
Relative to other developed markets, Europe has come through the first half of the year pretty well although investors would have done just as well sitting smugly in UK gilts. The outturn is a shade disappointing given that Europe is in the early stage of an economic upswing that should see GDP growth of at least 3.5% in the current year and estimates of corporate profits are being raised steadily. The recent hike in interest rates is unlikely to damage prospects for this year though it is likely to shave estimates for 2001. The ECB's bold move to increase the repo by 50 basis points to...
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