Oil prices sank to six-week lows below $75 a barrel on Friday as fears that Dubai could default convulsed financial markets and the dollar rose as investors moved into safer assets.
U.S. stock were sharply lower on Friday as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed financial turmoil.
Gold prices tumbled nearly 5 percent to a one-week low below $1,140 an ounce on Friday as investors fearing debt default in Dubai sought safety in dollars and cash.
Banks outside the Gulf played down on Friday their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets.
European shares extended gains to hit a session high on Friday, as U.S. futures indicated Wall Street may not drop as much as previously expected.
Major U.S. stock indexes pointed to a drop of about 2 percent at the open on Friday as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.
The United Arab Emirate has total debt amounting to $184 billion at the end of 2009, according to estimates by Bank of America-Merrill Lynch, which said the region faces a heavy redemption schedule until 2013. Dubai's shock announcement this week that it is seeking to suspend payments on debt of its state-owned conglomerate Dubai World and property subsidiary Nakheel has roiled global markets, r...
Financial Crisis Part 2?; Banks Play Down Exposure; Black Friday on a Budget
Britain's leading share index was 0.2 percent lower by midsession on Friday, falling for a second session with banks pressured by persisting anxiety over Dubai's debt default and oil majors weak with the crude price.
U.S. stock index futures were sharply lower on Friday, a day after markets were shut for the U.S. Thanksgiving holiday, as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.
The yen hit a 14-year high versus the dollar and rallied broadly on Friday, while the dollar jumped against most other currencies as investors cut carry trades and risk exposure on concern about Dubai's debt problems.
Dubai's debt troubles have exposed the fallacy of its once much-vaunted model of raising shining cities in the desert with foreign residents, finance and labor.
U.S. stock index futures were sharply lower on Friday, a day after markets were shut for the U.S. Thanksgiving holiday, as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.
European shares dipped by midsession on Friday as concerns about debt problems in Dubai rippled through the market, with banking and oil stocks among the worst performers.
U.S. stock index futures were sharply lower on Friday, a day after markets were shut for the U.S. Thanksgiving holiday, as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.
U.S. stock index futures were sharply lower on Friday, a day after markets were shut for the U.S. Thanksgiving holiday, as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.
Dubai debt default concerns continued to send shockwaves across the world on Friday, with heightened risk aversion pushing global equities sharply lower and prompting investors to take refuge in government bonds.
The yen hit a 14-year high versus the dollar and rallied broadly on Friday, while the dollar jumped against most other currencies as investors cut carry trades and risk exposure on concern about Dubai's debt problems.
U.S. stock index futures pointed to a sharp drop when Wall Street reopens on Friday for half a session following Thanksgiving, as fears over Dubai's debt woes knocked stock markets around the world.
ING priced a rights issue intended to raise 7.5 billion euros ($11.2 billion) at a steep discount, hoping to reduce its dependence on state aid by tapping shareholders made warier by Dubai's debt crisis.
Oil prices sank to a six-week low below $73 a barrel on Friday as fears of debt default in Dubai convulsed financial markets and the dollar rose as investors moved into safer assets.
The Bank of Japan stepped closer to currency intervention on Friday than at any time in the last five years by checking exchange rates with commercial banks as the yen rallied to a 14-year high against the dollar.
