90 seconds at 9am: Dubai debt fears roil markets; NZ$ down again

Bernard Hickey delivers the key news overnight in 90 seconds at 9am in association with ASB, including news European stocks fell 3.2% overnight on fears about Dubai's massive debt default, Bloomberg reported.

Dubai World has asked to delay payments to bankers on US$60 bln of debt. Royal Bank of of Scotland and Barclays are seen most exposed. European banking stocks were hit hard on fears Dubai's debt default could prove contagious. US markets are closed for Thanksgiving.

Meanwhile the New Zealand dollar fell to 71.5 USc as the Dubai debt fears reduced appetites for risky currencies Also, the New Zealand dollar fell further against the Australian dollar, which in turn dragged the TWI down to 64.

The gap between the NZ and Australian economies is seen widening as Australia's economy surges and New Zealand's stays in the doledrums.

Category:

News & Politics

Tags:

• Bernard Hickey
• Dubai
• debt
• New Zealand dollar

[danbuck333]

yeap, america too

[banksy35]

who else thinks uk is completely stuffed?

[xfiles987]

What a good idea - NZ should disconnect from Australia's economy - we are the "poor cousin" of australia and have so much debt and so few good jobs here that we should disconnect