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Market Snapshot: The new stock-market fear: Signs that a period of harmonious global growth is crumbling

It was just three months ago that stock-market investors were being swept up by a euphoria pinned to the idea of economic expansion taking hold harmoniously across the globe—a dynamic that hadn’t occurred since the 1980s, and one that was expected to extend into 2018.

However, less than midway through the year and some market participants are already spotting cracks in the notion of so-called synchronized global growth, with some fearing that a whiff of stagflation is starting to permeate. Stagflation is typically described as persistently high inflation and high unemployment, combined with weak economic demand.

Perhaps it is that worry of a slowdown that has so far overshadowed a run of solid results from some of the most highly valued and most influential U.S.

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