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Zacks Investment Research | Feb 10, 2019 10:50PM ET
Signs of progress in U.S.-China trade negotiations, a dovish Fed and strong labor market pushed Wall Street higher this year. But the positive trend seems to be reversing lately as the latest batch of economic data across the world has aggravated global growth slowdown concerns and dimmed the prospects of a U.S.-China deal.
This is especially true as European Commission (EU) last week slashed economic growth forecast for the Eurozone, comprising 19 counties that use euro, to 1.3% from the previous projection of 1.9%. The EU cited sharp deterioration in global trade and China’s slowdown as the economy’s major dampeners. Meanwhile, the Bank of England warned that the economy is on track for the weakest growth this year since the global financial crisis given Brexit uncertainty. As such, the bank cut the economic growth forecast for this year from 1.7% to 1.2% (read: Zacks Investment Research
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