Stock Exchanges: Follow the Leader

When Wall Street had its Blue Monday on May 28, it was followed by a Black Tuesday on most of the world's stock markets from Paris to Tokyo. But while Wall Street has staged a mild summer rally, other stock markets which followed the U.S. down have not followed it up. Foreign bourses have been more concerned with disquieting news at home than with messages from Manhattan.

The West German stock market slumped last week to a three-year low, down 13% since Blue Monday alone, as investors were preoccupied by tarnish on the German miracle-inflation, slackening production and softening profits....

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