WYSO-FM: Renee Montagne
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Markets in Asia fell in response to Standard and Poor's downgrade of the U.S. credit rating. At the same time, China's and Japan's currencies surged to new highs against the dollar. China and Japan are the top two holders of U.S. Treasury bonds and big exporters to the U.S.
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In eastern Libya, gun battles erupted between rival factions of the rebel movement Sunday, in the wake of the killing of the movement's military leader. The battles in Benghazi are bound to set back the rebel drive to oust Moammar Gadhafi.