Hi Ken,
I looked at the files and I still can't explain what's going on. When I try to create a JPG from the .cr2 file, all metadata looks fine, including the IPTC. This when I save it from within PM and when saved from within ACR. So I really can't understand what's going on at your end.
Ah, I noticed you saved the JPG from within Photoshop, not directly from ACR. Right now I can reproduce your issue! Clearly a Photoshop bug here; they forget to set the IPTC CodedCharacterSet when saving files with UTF8 characters in the metadata. The same problem occurs when saving to tiff by the way.
Note: you said you weren't embedding metadata, your raw files, however, did contain (xmp) metadata so you might want to check your metadata embedding options in PM…