Submitted by CARPE DIEM

FRANKFURT: Europe is shrugging off the thunderclouds in the United States, with new surveys Wednesday showing rising business confidence in Germany, France, and Belgium. The president of the European Central Bank even dampened hopes for a cut in interest rates soon.

Taken together, these developments seemed to turn an old adage about trans-Atlantic economic relations on its head: When the United States catches a cold, does Europe even sneeze?

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