Nov 27, 2009 6:59 PM ET
Australian stocks declined tracking the world market weakness after Dubai worries unnerved world investors. Leighton Holdings Limited confirmed that certain project payments in Dubai are delayed. Australian dollar traded weak. Gold miners closed lower after precious metals decline.
Nov 27, 2009 6:34 PM ET
Stocks in Mumbai traded lower on the worries that Indian banks may have exposure to the loans that are in the process of rescheduling in Dubai, UAE. Ranbaxy launches generic version of herpes drug in the U.S. Sun Pharma receives US regulatory approval to sell mental disorder treatment generic drug.
Nov 27, 2009 6:01 PM ET
U.S. stocks closed lower after Dubai worries plague world markets. Crude oil and god decline. UK banks with $50 billion of exposure may take larger than expected losses. Citigroup has the largest loan exposure of all American banks loans totaling $8 billion.
Nov 27, 2009 3:25 PM ET
European markets closed higher and recovered from the earlier losses. Dubai loan losses and the worries that the debt reschedule may force rating revision of sovereign debt of Dubai, UAE. In trading, Volkswagen increased 6% on an upgrade and the company is targeting higher sales in Brazil.
Nov 27, 2009 2:42 PM ET
UK stocks rebounded after early losses on the worries that Dubai debt rollover may presage a wider problem in the region. The banks in the UK and Europe dropped more than 5% after RBS confirmed that UK banks have $50 billion of loan exposure to UAE.
Nov 27, 2009 12:52 PM ET
Banks in New York and Europe declined after investors worried that fast developing Dubai credit crunch may contribute to losses. Royal Bank of Scotland led a consortium of seventy bankers to fund most of the debt that fueled construction boom in Dubai.
Nov 27, 2009 5:54 PM ET
U.S stocks trade lower tracking losses in Asia and Europe. The three popular indexes the Dow, the S&P 500 and the Nasdaq lost 1.5%. Gold dropped 1.4% and crude oil declined 4%. Investors are rattled as Dubai reschedules $10 billion of debt and seek a better understanding of off-balance sheet debt.
Nov 26, 2009 4:33 PM ET
The business investment in the three months to September fell 3.9% in Australia surprising economists. Default rate on home loans declined as unemployment rate drops and mortgage rates decline in Australia. BHP Billiton reiterates its intention to strike a joint venture agreement with Rio Tinto.
Nov 26, 2009 1:30 AM ET
The European indexes declined more than 3% after banks fell more than 5%. Banks fell sharply on the worries that exposure to Dubai loans may increase losses. IKB Deutsche Industriebank swings to first-half loss of €398 million. Vivendi and GE talks to sell stake in NBC Universal accelerate.
Nov 26, 2009 12:54 PM ET
Banks in London trading fell sharply on the worries that the recent debt rollover in Dubai may generate losses for UK banks. Barclays, Royal Bank of Scotland and HSBC dropped more than 4%. Daily Mail and General Trust slips to an annual loss in fiscal 2009.