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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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Fears stalk global markets on Dubai debt crisis
Shares in London tumbled as the market opened this morning, following steep losses in Asia, as investor panic over banks' exposure to Dubai's growing financial problems gathered pace.
The FTSE 100 index of leading UK shares fell by 83.46 points to 5,110.67 in early trading, adding to yesterday's loss of 170.68 points. The FTSE bounced back, to fall by 12 points to 5,182.13 after more than an hour of trading but all eyes will be on American shares when Wall Street opens later today after being shut for Thanksgiving yesterday.
Masayoshi Okamoto, head of dealing at Jujiya Securities in Tokyo, said: “I think we won’t know the full impact of Dubai until Monday after we see what happens in New York, where bank shares are likely to be hit pretty hard.”
Read it all.
Filed under: * Culture-Watch • Globalization • * Economics, Politics • Economy • Stock Market • The Banking System/Sector • * International News & Commentary • Middle East
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