INTERESTINGLY, the biggest gains in stock markets this year mainly took place in countries or areas with the lowest economic growth. It is far from macroeconomic development alone that determines the direction of a stock market but healthy economic growth is a good help.
I argue that the biggest risk of this year's price increases in the stock market being lost again is in the eurozone. Some very optimistic economists had hoped for 0.3-percent gross domestic product growth in Germany in the second quarter, but the number turned out to be zero percent. Italy ended up with minus 0.3 percent for the same period, where the hope was zero growth.
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