Bobbys Corner-Open Market-Nov.30.2009
Good Morning:
As some in the United States are awakening to a new week after a long Thanksgiving holiday weekend, the markets have had quite a roller coaster ride the past few days.
The main concern stemmed from reports last week that state owned Dubai World may default on as much as $90 Billion. This caused the USD to rally and world wide equity markets to fall, along with commodities.
Since the initial report, markets are trying to get a grasp on the depth of this potential default on a global scale.
The UAE (United Arab Emirates’) Central Bank has stated that it “stands behind” Dubai’s local and foreign lenders. I am not clear on exactly what this rhetoric is really about as Dubai’s Government has stated that it does not guarantee the debt of the state owned entity. Dubai World is hoping that creditors will help in any restructuring process.
Overnight the USD has weakened, Asian equities were higher, European stocks are lower, and US Futures are slightly ahead this morning.
Oil: $76.18 Gold;$1172.60
Today’s data:
CHI PMI: exp: 53.0 prior: 54.2
HAVE A GREAT DAY & GOOD LUCK
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