Worries over Dubai's debt problems share markets in Europe have also driven down for the second day running. The main share indexes in London, Paris and Frankfurt opened more than 1% lower before easing back slightly. The falls follow news from the state-owned Dubai World that it would delay repaying some of its debt. Earlier, Asia's markets were down sharply. Tokyo's benchmark Nikkei fell 3.2% to 9,081.52. In Hong Kong, the Hang Seng index ended down 4.84% at 21,134.5.Oil prices also fell. US crude dropped 4.5% to Dollar 74.51 a barrel and London Brent Crude was down Dollar 1.26 to Dollar 75.73. The biggest underlying fear is that Dubai's problems could reignite the financial turmoil of the credit crisis. That would lower global demand for a whole range of commodities, including oil.
News On AIR | November 27, 2009 8:45 PM
Dubai's debt problems down Europe market