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Dollar slump magnifies stock market pain for foreign investors

Simultaneous sell-off in US equities and currency ends ‘virtuous cycle’ for fund managers in Europe

European investors in US equities have been dealt a double blow as a slide in the dollar compounds losses on stocks, ending a “virtuous cycle” of share price and currency gains during Wall Street’s recent record run.

The slump in US stocks this year has confounded a widespread bet that Wall Street would continue to outperform. But an accompanying slide in the dollar has magnified the pain for foreign investors, ending a pattern where currency gains tended to offset some of the declines. 

The blue-chip S&P 500 is down nearly 4 per cent in dollar terms so far this year, but more than 8 per cent in euro terms. 

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