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Investors will gauge the strength of the eurozone's fragile economy this week as escalating conflicts in Ukraine and Iraq darken the mood globally.In stark contrast to the United States and Britain, which are growing strongly, economic output in the euro bloc is likely to have all but ground to a halt in the three months to June. Its star economy, Germany, is losing momentum and Italy is sliding back into recession.On Thursday, the European Union announces economic output data for the 18 countries in the eurozone for the April-June quarter, and Germany will reveal its own gross domestic product for the same period.By these yardsticks, neither Germany nor the wider eurozone are expected to see much, if any, improvement on the first three months of the year.To compound matters, tit-for-tat sanctions between Moscow and the European Union and fears that Russia could even invade eastern Ukraine are already sapping business confidence and will eat into paltry economic growth later this year.With Europe looking gloomy and the days of mega-growth in China over, the United States has offered some hope for the world economy.
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