The European economy is headed for a U-shaped downturn, according to Prof. Norbert Walter, chief economist at Deutsche Bank and one of the keynote speakers at last week's annual conference of the International Council of Shopping Centers in Barcelona. 'US stocks have booked a recovery these past few weeks and there are some who are now hoping for a V-shaped recovery. It will not happen. It may look like a W because of the volatility, but will be a long wide open U with a long bottom.'
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