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his shift in financing costs has helped to push up bond yields worldwide, emerging market debt spreads have narrowed and stock market gains have slowed or stalled in many large economies, raising questions about where next is safe to invest.
At the same time, the recent surge in oil prices has revived the inflationary spectre, while the massive increase in debt loads in the United States and Japan causes worries there could be a nasty upset as cheap financing comes to an end.