Before the bell: Futures sharply lower on Dubai’s debt problems
Posted by: admin in Stocks Money News
Filed under: Before the bell, International markets, Wal-Mart (WMT), Market matters, Gap Inc (GPS), Economic data, Commodities, Oil, Financial Crisis
U.S. stock futures tumbled this Black Friday morning, as markets resumed trading after the Thanksgiving holiday only to join the world markets’ selloff following the Dubai debt problems. With the markets open for half a day, only until 1:00 p.m. Eastern, trading could be thin, which may contribute to the downward move. For now, futures are indicating Wall Street is set to open sharply lower.
The news about Dubai’s debt problems broke late Wednesday when the government of Dubai acknowledged it had asked its banks for a six-month stay on its schedule of debt repayments for two of its flagship firms, as they begin restructuring. Dubai World has liabilities of $59 billion, its subsidiary Nakheel said in August, a large proportion of Dubai’s total debt of $80 billion. As markets were struggling to figure out what kind of exposure banks had to Dubai debt, banks outside the Gulf played down on Friday their exposure to Dubai debt.
Continue reading Before the bell: Futures sharply lower on Dubai’s debt problems
Before the bell: Futures sharply lower on Dubai’s debt problems originally appeared on BloggingStocks on Fri, 27 Nov 2009 08:00:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments
Entries (RSS)