Stock market jitters November 2009

Posted on | November 27, 2009 | No Comments

Worries over Dubai’s debt problems have driven down Europe’s share markets for the second day running.

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.

Oil prices also fell. US crude dropped 4.5% to $74.51 a barrel and London Brent Crude was down $1.26 to $75.73.

Dubai World, the conglomerate that led the emirate’s expansion, had $59bn (£36bn) of liabilities as of August, a large proportion of Dubai’s total debt of $80bn. Nakheel was the builder of the landmark palm tree-shaped island developments off Dubai.

The news shook markets that are recovering from the collapse of the US housing market and contagion that threatened to rupture the global financial system last year.

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The US economy grew by far less than originally forecast between July and September, according to revised official figures.

Example: Barclays opened today at £2.91, having been £3.80 a few weeks ago.

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