Investors are increasing bets Europe will sink into a painful economic downturn, in a growing contrast to the conviction in financial markets that the US is headed for a “soft landing”.
The euro has fallen against the dollar over the past two weeks, while the surprise ascent of European shares this year has stalled, and German government bonds — investors’ preferred retreat in times of stress — are gaining in price.
The shifts show growing confidence among fund managers that economic indicators in the eurozone are weakening in the face of higher borrowing costs, while the US has demonstrated resilience despite the most restrictive interest rate environment in 22 years.
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