Posted AT 12:53 AM EST on 07/10/08
Emerging markets pounded in global rout
Investors fled to the safety of U.S. Treasuries and a handful of other trusted government bonds and gold yesterday, accelerating a commodity rout driven by the global credit freeze.
The result was a double-whammy for resource-based economies, as the rising U.S. dollar worsened the selloff in commodities, sinking not only stocks but the bonds and currencies of developed and developing countries alike.
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