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Stocks tumbled as concern swept world markets that financial trouble in the Middle Eastern city-state of Dubai will upend a global economic recovery. (Nov. 27) Asian markets have followed Europe in a slide amid fears about Dubai's massive debt, which have also driven the U.S. dollar lower. South Korea's KOSPI lost 4.7 percent and Hong Kong's Hang Seng dropped 4.8 percent. (27 November 2009)
Tags: wall street nov. 27 stocks slide on dubai debt concerns
In todays market report gold powered to another record high in Asia Monday, as U.S. economic doubts grow.
Bullion prices, up 32 percent this year alone, have ticked off a string of highs with eyes on $1,200 an ounce by next year.
Oil was up on heightened tensions between Iran and Western nations. Senior officials from six world powers voiced disappointment that Iran had not accepted proposals to delay its nuclear weapons potential.
Iran's armed forces launched a large-scale air defense war games Sunday, coming as the country is facing pressure over its nuclear program.
Asian shares edged higher at the start of a holiday-filled week. Japanese financial markets were closed Monday.
South Korea's LG Electronics dipped on market talk if may bid for Hynix Semiconductor, the world's No.2 memory chipmaker.
LG shares were also pressured by news Apple's iPhone would go sale in the country from Saturday, offering by the No.2 mobile player KT Corp. Category: News & Politics Tags: NTD NTDTV Market Report Gold Money Economy Bullion price Iran Western nations Nuclear weapon Financial market Memory chipmaker
Crude Oil prices sank to a 6 week lows , below $73 in New York on Friday amongst fears that Dubai could default the financial markets ,It is now reported that Dubai Debt May Be Higher Than $80 Billion, the dollar jumped as investors started selling commodities and moved to safer assets.
U.S. crude for January delivery was $73.70 a barrel on the London-based ICE Futures Europe exchange, but nearly 5 percent below Wednesday's settlement. There was no settlement price on Thursday because U.S. markets were closed for Thanksgiving. Source : Presse agencies
