Stocks Tumble Overseas Amid Fears over Dubai Investment Firm and Weak U.S. Dollar [View All]

[Ghost Dog]

Source: CBS / AP

(AP) World stock markets tumbled Thursday as investors fretted over the debt problems at Dubai World, a government investment company, and the continuing slide in the dollar, which earlier fell to a 14-year low against the yen.

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European markets followed Asia lower with the FTSE 100 index of leading British shares closing down 170.68 points, or 3.2 percent, at 5,194.13, having been out of action earlier for over three hours because of technical problems. Germany's DAX fell 188.85 points, or 3.2 percent, to 5,614.17 while the CAC-40 in France was 129.93 points, or 3.4 percent, lower at 3,679.23.

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Across all markets, there is a growing awareness that investors may use the upcoming year-end to lock-in whatever profits have been made over the last 12 months.

Gold has been one of the biggest high-flyers over the last few months, having gained over 10 percent in November alone. It continued to rise Thursday as investors bought it up as a safe haven. It hit a new record high earlier of $1,196.8 an ounce, before falling back modestly. By late afternoon London time, gold was down 0.4 percent at $1,182.50 an ounce.

Read more: http://www.cbsnews.com/stories/2009/11/26/business/main5788522.shtml

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The US Thanksgiving holiday usually leads to doldrums in World markets, it is said. But not today...