In Argentina international financing for free-market reform is in jeopardy. In India foreign institutional investors have dumped their holdings, sending the stock market into a steep plunge. In Japan a sharp increase in the damage estimate of the Kobe earthquake has sent the Tokyo market tumbling as money managers expect the country to cash in some of its foreign holdings to pay for reconstruction. In the U.S. investors are pulling back even further in anticipation of yet another interest-rate hike, which would make overseas capital markets even less attractive than they are today.
Around the globe, investors were nervous and...
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