Western Europe: Bears on the Bourse

Western Europe at midyear is a sight to behold—especially through the eyes of the businessman. In the seventh straight year of boom, the Common Market is producing 11% more steel and 10% more autos than last year. Clamoring consumers have created shortages of such an everyday product as beefsteak. Almost everyone seems to be earning more and spending more than ever before. By most measures, Europe continues to expand faster than the U.S.

But one thing seems strange: while business snorts bullishly, Europe's stock markets are bearish. At the same time that the U.S. market...

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