Mumbai: Stock trading all over is about to take some unlikely turns due to the debt problems in Dubai. The European shares are already affected hitting to their worst loss in seven months. Asian stocks are likely to fall too.
The dollar gained sharply as investors shed riskier assets because of the Dubai debt scare. The greenback tumbled to a 14-year low against the yen on Thursday, extending its broad slide on ultra-low US interest rates.
Banking stocks came under particular pressure because of the potential exposure to any bad debts in the Gulf.
Japan’s Nikkei average fell more than 2 per cent to a four-month low after the dollar sank to a 14-year low against the yen.
