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Europe’s Hopes for Factory Bounce Prove Fleeting: Terms of Trade

Feb. 12, 2020, 12:00 PM

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Europe’s industrial engines were supposed to be turning the corner with the new year. 

The U.S.-China trade truce announced in December was supposed to ease uncertainty and revitalize demand for capital goods, consumer durables and energy in the world’s two largest economies and beyond. The U.K. was about to ditch the European Union with nary a noticeable disruption.

Underneath all that, a big monetary stimulus package in September was supposed to give the European Central Bank...

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