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Industrials are vulnerable

Six weeks ago, the engineering sector looked unstoppable. It had risen more than 50 per cent since June last year and just hit an all-time high. But earnings upgrades implied by record valuations haven't materialised. Instead, the first warning of a busy quarterly reporting season has forced analysts to cut forecasts, creating an air of unease that has the City asking whether this is a one-off, or the start of something more nasty.

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By Lee Wild,
26 April 2013

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