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A renewed bout of volatility hit financial markets as recent talk about a US economic recession — mostly seen as premature — spurred warnings that this year’s sizzling stock rally has gone too far. From New York to London and Tokyo, equities got pummeled. Just as markets started celebrating signals from the Federal Reserve about a first rate cut, they were hit by a perfect storm — weak economic data, underwhelming corporate earnings, stretched positioning and poor seasonal trends.
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