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Industrials are vulnerable

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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