The keyword is Dubai and its going to be in the air and airwaves all day.
I guess its place your bets. Will the market tumble 200, 300, 500 points, or will cooler heads prevail. Unless some intervention occurs before 9 a.m., the market will open with a sharp drop.
CNN: Wall Street set to open lower
The problems stem from Dubai World, the finance arm of Dubai, which is considering a postponement of payments on nearly $60 billion in debt. The debt was used to fuel a construction boom over the last few years, including its palm-tree shaped island projects, but the Middle East nation was hit hard by a real estate crunch.Reuters: Gold tumbles as Dubai triggers stampede to dollars
"It's mainly driven by this news out of Dubai (which) has had a large impact on risk appetite and resulted in a sharply stronger dollar..."
2 comments:
The artificial Island scheme was mondo stupid considering sea rise in this century will have the whole thing under water in less then 30 yrs. Dubious Dubai. Dubious Dubai, tax haven for Halliburton and other oh so patriotic Corps. that feed off the US taxpayers like Vampires.
They seem to have gotten bitten by the city of the future nonsense coupled with huge oil money sums and some ethnocentric ego and control issues. Dubai is supposed to be the city of the future, the ultra Mecca for the elite playboys and billionaires. I doubt its going to come tumbling down with this little insolvency hiccup.
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