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The US equity market took a beating after bellwether companies ranging from Apple to Caterpillar reported earnings below expectations. In Brazil, equity and currency markets tumbled after the government said it is reducing its fiscal savings target.
As stocks fell out of favour this week, investors took refuge in bonds, pushing down yields. Bond yields in the Euro Zone fell on concerns over slowing growth in Germany. Euro strengthened and rupee was weak against most major currencies.
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