Trevor Greetham News
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Euro-region stocks are missing this year’s global rally as four years of lockstep moves in markets break down amid diverging outlooks for economic growth.
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The yen weakened for a second day against the euro after Japanese Finance Minister Taro Aso said a statement from the Group-of-Seven nations acknowledged the country isn’t targeting exchange rates with its monetary policy.
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Fidelity International’s Trevor Greetham said he’s been selling stocks over the past six months in anticipation of economic “difficulties” later this year.
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The world economy is sliding into a “twilight zone,” trapped between outright expansion and renewed recession.
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Central bankers are taking a break rather than hitting the brake.
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European Central Bank President Mario Draghi signaled he’d rather use interest rates than the printing press to bolster growth as the debt crisis drags the euro-area economy toward recession.
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European stocks posted their biggest weekly loss since November 2008, becoming the first major region to enter a market correction, as concern escalated that the U.S.’s economic recovery is stalling.
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U.K. stocks closed little changed after Chancellor of the Exchequer George Osborne presented his annual budget to Parliament.
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European stocks had the biggest weekly drop in seven as the Federal Reserve said it sees “significant downside risks” for the economy and speculation grew that policy makers will be unable to solve the debt crisis.
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European stocks climbed this past week as the European Central Bank lent to the region’s banks and consumer confidence and jobless claims in the U.S. added to optimism that the world’s largest economy continues to recover.
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