Stockmarkets around the world have had a ropey couple of weeks. First renewed fears about inflation, then the biggest bankruptcy yet of an American manufacturer (Delphi, a maker of car parts), pushed share prices down for a bit. But contrary to the old saying that when America sneezes, the rest of the world catches cold, the rest this time suffered less and recovered faster, thank you. Shares have generally done less well in America this year than in Europe, Japan and emerging markets. Britain's ftse 100 hit a four-year high this month. So did Japan's Nikkei, late in September. The Chicago Mercantile Exchange has just announced a new derivative contract on Asia's top shares, to capture their ebullience. American share prices, meanwhile, are moving sideways.
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