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SMALL BUSINESS
Asian stocks tumble amid dollar slump, Dubai fears
By JEREMIAH MARQUEZ
, AP
HONG KONG -Asian stock markets tumbled Friday as the dollar continued its slide against the Japanese yen and worries over losses from Dubai's debt problems unnerved investors worldwide.
It was the region's second day of losses and followed a rout in European markets. Oil, meanwhile, dived below $76 a barrel.
Investors cut back their riskier bets on equities and commodities after Dubai World, the emirate's main development engine, announced it was asking creditors to delay paying back its $60 billion debt. The news triggered fears of a massive default and a wave of heavy losses at banks and companies holding its debt.
Also dampening the mood was the slumping dollar, which weakened to a new 14-year low below 85 yen, dragging down shares of Japan's exporters like automaker Nissan and electronics maker Sharp.
"Investors were searching for shelter against the increased volatility and falls in risky assets," Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong, said in a note. "Many chose to opt for the Japanese yen."
In Tokyo, the Nikkei 225 stock average fell 184.94 points, or 2 percent, to 9,198.30 and Hong Kong's main index retreated 712.04 points, or 3.2 percent, to 21,501.41.
Elsewhere, South Korea's Kospi benchmark lost 2.6 percent to 1,557.45 and Australia's index dropped 2.8 percent. China's main Shanghai stock measure was off 1.1 percent.
Uncertainty over the fallout from Dubai World's financial troubles sent European markets plummeting Thursday, with benchmarks in Britain, Germany and France all losing more than 3 percent.
U.S. markets were closed Thursday for the Thanksgiving holiday. But Friday was likely to be a rough session on Wall Street with futures pointing sharply lower. Dow futures were down 192, or 1.8 percent, to 10,250.
Oil prices retreated in Asian trade, with benchmark crude for January delivery falling $2.01 to $75.95 a barrel.
The dollar was lower at 86.13 yen from 86.54 yen after swooning as low as 84.81. The euro fell to $1.4931 from $1.5021.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-27 00:12:01
COMMENTS ( 143 )
betrayed at first and I still have doubts. Obama was handed a mess and
I am not saying this goes back to George Bush solely or any other President
I am saying we are here it is a mess he was handed this mess and I
truly believe he is trying to straighten it out. I remember my good days
with Bill Clinton and the great years of George Bush when private industry
provided my work and I didnt have to deal with a ton of paperwork and
total control by the State and Federal Government on the Stimulus Projects.
My employees were living a great life and so was I. We have suffered during
this recession a lot of them have lost their homes I have sold some of
my equipment to survive but I am not a quitter. When my bank would
not lend me money I didnt stop I kept looking and yes I am paying a higher
rate for borrowed money but I am still here and my men are not standing
in unemployment lines. I refuse to give in and if I lose everything I know I have
given my everything. My point to this whole thing is we need to start some place
and I think Obama is really trying. I am not a fan of the Government run
health insurance I have my doubts it will pass and if it does we will have to
learn to live with it. Medicare probably wasnt thought of as a good thing in
the day and neither was Social Security but we have people who would not
be eating or taken care of without it. I personally am longing for the good times
to return regardless we need to stand together the fussing, fighting, and
name calling is not getting us anywhere. We elected Obama he is here for
three more years and honestly at first I didnt support one thing he did but
I am willing to work with him. He is doing everything he can and he catches
a lot of crap from every corner but he is not a quitter. We need more of the
old get it done attitude now. A country divided is just that we need to pull
together and support one another. The division is not good we are still
the #1 Country in the World. Its not all about money we need to look out
for one another and the word quit or I give up is not part of our vocabulary.
Do not let one no or I cant help you response dictate your life keep going the
more no's and I cant makes me try harder. Remember too do not believe
everything you hear sensationalism sells. When someone says you cant
say yes I can and keep going. Determination and motivation go hand in hand.
thats shaking down world markets? The yen has been trading at under 90 for months a drop of 0.87 yesterday does not reflect the panic that hit world markets.
I don't see how Dubai could be having any trouble as they are vested in gold and its not having any trouble.