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Dubai World Debt Scare Jolts Markets

Markets in Asia and Europe opened lower this morning as fears continue to grow over the potential fall-out should Dubai World – described as the “centerpiece” of the Dubai’s economy – fail to meet upcoming debt obligations.

“You can’t just say to the world: ‘I don’t want to pay my debts’. There is no income coming in from any of these properties. I think this is shocking PR”, said David Buik, senior partner at BGC Partners.”

BBC News

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Posted by Dean Popplewell at 5:55 am EST, 02/09/2010
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February
9
Today’s Global
Market Events
10:00 am

USD
IBD/TIPP Economic Optimism
49.3 vs. 48.8
USD
Wholesale Inventories m/m
0.5% vs. 1.5%
6:30 pm

AUD
Westpac Consumer Sentiment
5.6%
6:50 pm

JPY
Core Machinery Orders m/m
8.1% vs. -11.3%
JPY
CGPI y/y
-2.3% vs. -3.9%
7:30 pm

AUD
Home Loans m/m
-4.7% vs. -5.6%
Tentative

AUD
NAB Business Confidence
8
10th-12th

AUD
NAB Quarterly Business Confidence
16
CNY
Trade Balance
20.2b vs. 18.4b