Tiger has canceled his third interview with the PoPo, but he has nothing to hide. Harry Winston has worked the weekend designing a rock the size of Rhode Island to help the man wiggle out of this one.
Futures are mixed after being higher overnight. China has said they will use the Dubai crisis to buy gold and oil. Nah, they aren’t hoarding. The dollar is actually a bit lower.
Stocks in Dubai lost around 7% in the first day of trade since the outset of this crisis.
Cross-border banking exposure for the United Arab Emirates as a whole totaled $123 billion at the end of June, according to Brown Brothers Harriman on Friday, which cited data from the Bank for International Settlements.
Of that total, European banks hold 72%. France and Germany each account for around 9%. The United Kingdom is by far the biggest creditor with a share of 41%.
Bottom line, this could have been much worse, unless of course there is a delayed reaction or something else pops out of the closet. Black Friday 2 is at weeks end as we see more jobless claims.
The beat does on.