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Beware Hubris on U.K. Economy
With figures today confirming that the German economy contracted by 0.2 percent in the second quarter, the U.K. looks splendidly isolated from the economic malaise gripping its euro neighbors. A slowdown in manufacturing last month, however, illustrates that the U.K.'s recovery is immune neither to the euro area's stagnation, nor to the geopolitical risks to business and consumer confidence. Markit Economics said today its index of U.K. manufacturing declined to 52.5 last month, while the June gauge was trimmed to 54.8 from an initial reading of 55.4. Economists had anticipated an August figure of 55.1. While ... (full story)