European policymakers may be spotting green shoots sprouting in the economy, but companies are deeply divided over whether the bottom of the recession has been reached.
Companies in the same countries or similar sectors in Europe are sending out contradictory signals, say investors and analysts, making the prospect of an imminent broad-based recovery distant.
Chief executives of the likes of BASF and Bayer, Nokia and SAP, Tesco and Carrefour, and Deutsche Bank and Commerzbank have all sent out conflicting messages about how they view the prospects for their sectors and the general economy.
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