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Leading the headlines: fears of deflation mounted as the ECB’s stimulus program at the beginning of the month was judged unambitious, mid-month saw Germany cut GDP growth forecasts citing the “geopolitical crisis”; followed by dismal GDP and employment figures from France. Finally, towards month end, 25 of around 130 banks were reported to have failed the ECB’s “stress-test” (not a surprising figure, but slightly worse than expected).
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