MILLBURN, N.J. ( Stockpickr) -- For the third consecutive summer, the global markets are reeling from the sovereign and banking debt crisis in Europe. This condition is exacerbated by the resultant ineptitude of its leaders to develop a swift, united and effective resolution.
As a result, assets are leaving the eurozone and seeking a safe haven in the U.S. The euro currency is being sold in favor of the U.S. dollar.
But there are secondary effects to domestic U.S. companies that we must consider. Many of these companies have significant operations overseas. The weaker economy is impeding sales and earnings in Europe, and the stronger U.S. dollar is further lessening the benefit from European operations.
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