Stock Exchanges: The Shock Waves

Europe's steady economic surge in the past decade, in the face of three U.S. recessions, proves that the Continent's basic economic climate is no longer dominated by transatlantic winds. But last week, in the aftermath of Wall Street's Blue Monday, it became abundantly clear that, so far as stock prices are concerned, New York can still make the weather around the world.

Along with New York's, nearly all the world's stock markets have been sagging for months. In some cases, the causes were local: the London Exchange reflected the generally listless state of the British economy and the government's eleven-month-old drive...

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