A note on Europe’s travails

My thanks to Andrew Lapthorne, chief number-cruncher in Soc Gen's top-rated strategy team, for his reflections on the lacklustre performance of global equity markets since the start of July. Here are his topdown thoughts on a month which saw nearly every major market retreat from its earlier levels. As he notes, the pain has been felt most keenly in Europe, where a number of negative factors have combined to drive prices lower.

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