Stocks tumble amid dollar slump, Dubai fears

SHOOT: I've been saying for the past week or so, while everyone is trumpeting recovery, I've said we'll see another huge crash. Why? Because markets recovered based on bullshit. Nothing fundamentally has changed. This is the beginning of the scoffers who spin their financial game eating their words. As I say, the beginning. The markets need to sink a lot lower to reflect underlying reality.

U.S. markets were closed Thursday for the Thanksgiving holiday. But Friday was likely to be a rough session on Wall Street with futures pointing sharply lower. Dow futures were down 192, or 1.8 percent, to 10,250.

clipped from news.yahoo.com HONG KONG – Asian stock markets tumbled Friday as the dollar continued its slide against the Japanese yen and worries over losses from Dubai's debt problems unnerved investors worldwide. It was the region's second day of losses and followed a rout in European markets. Oil, meanwhile, dived below $76 a barrel. Investors cut back their riskier bets on equities and commodities after Dubai World, the emirate's main development engine, announced it was asking creditors to delay paying back its $60 billion debt. The news triggered fears of a massive default and a wave of heavy losses at banks and companies holding its debt. Also dampening the mood was the slumping dollar, which weakened to a new 14-year low below 85 yen, dragging down shares of Japan's exporters like automaker Nissan and electronics maker Sharp. Oil prices retreated in Asian trade, with benchmark crude for January delivery falling $2.01 to $75.95 a barrel.