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30-Nov-09
Black Friday Results Mixed
Americans may have had a few days off for the Thanksgiving holiday, but that doesn’t mean it was an uneventful week around the world.
The big news from Thursday came out of Dubai, one of seven semi-independent emirates that make up the United Arab Emirates (UAE) federation. Dubai has been the poster child for excess development, funded by oil revenues and inflated real estate values. It seems the emirate is suffering from an all too familiar overindulgence: too much debt associated with real estate development.
Dubai World, a state run fund, asked creditors if it could delay interest payment for six months on $60 billion. News of the potential debt default sent global markets sharply lower Friday, with Asian indices dropping nearly 6% and the Dow opening over 200 points lower. By the end of the session however, most of the reaction had been muted and while stocks in the U.S. closed lower, Europe finished higher by 1%.
There can be no doubt that Dubai over did it. Dredging ocean floors to build palm tree-shaped islands, indoor ski resorts, and the tallest building in the world are the very definition of excess...
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