$17.5 billion in German tax cuts moved forward to next year. France and Finland announce personal and corporate tax cuts.STRONGER DOLLAR AND YEN
European exporters stand to benefit from surge in value of dollar and yen since May.LOWER RATES
European Central Bank shifted to strongly stimulative rate cuts in late 2002. European rates are at historic lows.BETTER CORPORATE EARNINGS
European telcos rebound, while groups such as Infineon, Philips, and BASF report upside earnings surprises.