Investments into the financial sector have continued to be marred by the Dubai debt crisis after more revelations were made.
The government of the United Arab Emirate claimed yesterday (November 30th) that it would not be responsible for any of the debt owed by Dubai World, the company overseeing development projects there.
City Index reported that investors are still fearful that the firm will default on a portion of its $60 billion (£36.4 billion) borrowings and negative sentiment could continue throughout the week.
However, Nick Serff, market analyst at the trading platform, added: "Better then expected Chicago Purchasing Management Index numbers released at 14:45 London time briefly helped lift European stock markets from their earlier falls."
F&C Investments recently claimed that the scale of the Dubai problem was overestimated and that the country's repayment failure will not constitute a great dent in the global economy.
Dubai brings bank investments down
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Dubai brings bank investments down
Tue, 01 Dec 2009
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