Europe: Germany provides bright spot amid gloom

Stockmarkets in continental Europe ended the first half of 2008 in the same vein as they began the year: heading downwards. The two months of gains from mid-March were wiped out in June with investors spooked by deepening recession fears coupled with rising inflation. As forecast at the start of the year, conditions have been choppy and a defensive stance will have provided some shelter. Data at the end of June showed the extent of the headwinds facing corporate Europe. Several economies contracted in the first quarter, with Denmark the first in the European Union to fall into a technical...