German recession fears grow after ‘devastating’ manufacturing drop

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US markets hammered as cuts ignite fear of global recession

Wall Street opened sharply in the red today, with the Dow Jones down 2pc shortly after trading began as a series of central bank rate cuts and a bond surge sparked fears that the global economy is heading towards recession.

German industrial output slumped 1.5pc in June Analysts warn country may be on its way to technical recession :  ‘Things look set to get worse rather than better’ Central banks slash rates in preparation for currency war A shock drop in German manufacturing output during June means the country may be heading towards a technical recession, analysts have warned.

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