Global stock markets endured heavy selling on Thursday amid fears of a default by Dubai World and turmoil in foreign exchange markets where the yen surged to a 14-year high against the dollar. Investors fled to less risky assets. Gold, which had challenged $1,200 in Asian trading, fell back from its highs and money flowed into havens such as German government bonds. US markets were closed for the Thanksgiving holiday, but electronic trading of the benchmark S&P500 equity futures contract had shown a potential drop on Wall Street of 2.2%. See Overnight Markets.

This entry was posted by Gwen Robinson on Friday, November 27th, 2009 at 4:59 and is filed under Capital markets. Tagged with dubai world. Edit this entry.