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Euro Stocks Slide; Dubai Worries Hit Banks
Published: Thursday, 26 Nov 2009 | 8:11 AM ET Text Size By: Reuters
European shares fell sharply on Thursday, hurt by debt problems in Dubai that sent bank stocks lower while commodity shares slipped on weaker crude and metals prices.


Major European IndexesGB;FTSE5215.56-149.25-2.78%1,140,338,000CAC40-FR3696.14-113.02-2.97%107,816,328DAX-XE5650.58-152.44-2.63%22,050,924

France''s CAC and Germany''s DAX were down 1.7 and 1.8 percent respectively. Britain''s FTSE 100 was indicated 1.9 percent down before trading halted at the London Stock Exchange due to technical difficulties.

The LSE said all London shares prices were indicative.

The FTSEurofirst 300 index of top European shares was indicated at 1,002.98 points, down 2 percent, after hitting a three-week low.

Financial shares were the biggest drag as concerns on the health of the global financial system resurfaced as Dubai said two of its flagship firms planned to delay repayment on billions of dollars of debt.


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BNP Paribas, Banco Santander, Barclays, [BARC-LN 294.80 -21.50 (-6.8%)] Credit Suisse, Deutsche Bank, HSBC, [HSBA-LN 703.20 -38.00 (-5.13%)] and UniCredit were down between 2.7 and 4.6 percent.

The European benchmark index is still up more than 54 percent from its lifetime low of March 9, as investors have become more confident on the prospects for economic recovery.

"It (the Dubai credit issue) does bring to the fore that much of what we have seen in the markets really has been supported by liquidity," said Georgina Taylor, equity strategist, Legal & General Investment Management.

"It shows how vulnerable the market still is to newsflow," she said.

"But it should be seen as a country-specific issue. It''s not something systemic. It''s about risk appetite. It''s a reason for some of those involved in the market to scale back a bit, while we try to understand what''s going on," she said.

Shares in the London exchange [LSE-LN 761.00 -53.50 (-6.57%)] were indicated 4.2 percent down as traders cited concern that Bourse Dubai held a substantial stake in the company.

This added to a 3.8 percent decline on Wednesday, when the operator reported a fall in first-half profit.

Porsche fell 6.9 percent, as traders pointed to worries that Qatar Investment Authority may cut its 10 percent stake in the carmaker to boost liquidity after the Dubai government''s debt standstill request.

Miners Fall

Mining stocks fell, tracking lower metals prices. Gold prices fell back from a record high of $1,194.90, as the dollar rebounded from lows.

Rio Tinto, [RIO-LN 3010.00 -136.00 (-4.32%)] Xstrata, [XTA-LN 1035.00 -62.00 (-5.65%)] Lonmin, [LMI-LN 1733.00 -80.00 (-4.41%)] Anglo American, [AAL-LN 2578.8999 -109.00 (-4.05%)] Kazakhmys [KAZ-LN 1218.90 -78.00 (-6.02%)] and Fresnillo were down between 2.8 and 4.1 percent.

Chilean copper miner Antofagasta''s fell 3.9 percent after nine-month core profit almost halved due to weak copper prices and a decline in output.

Crude futures fell 1.1 percent to trade near $77 a barrel. Total, ENI, BP, [BP-LN 573.70 -16.00 (-2.71%)] BG, Royal Dutch Shell, [RBSA-LN Unavailable ()] Repsol and StatoilHydro lost between 0.91 and 2.1 percent.

UK insurer Legal & General fell 4 percent, after Citigroup cut its rating to "sell" from "hold," pointing to "strategic challenges.".



U.S. markets, which rose to fresh 13-month closing highs on Wednesday, are shut for Thanksgiving Day.

Some analysts continued to point to the effect of stimulus measures being withdrawn, saying this will cause the market to suffer.

European Central Bank Governing Council member Axel Weber said central bank and government support cannot be increased further and is no substitute for a self-sustaining recovery.

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Dubai Debt Delay Rattles Stock, Bond Markets
Published: Thursday, 26 Nov 2009 | 9:01 AM ET Text Size By: Reuters
European banks were hit by concern about potential exposure to debt problems in Dubai on Thursday, while companies where Middle Eastern investors own big stakes also came under pressure.

Dubai, whose extravagant building projects have been largely put on hold since the start of the global financial crisis, said on Wednesday it would ask creditors at its flagship firms Dubai World and property developer Nakheel to delay repayment on billions of dollars of debt.


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By 1230 GMT on Thursday the DJ Stoxx European bank index was down 3.3 percent at 222 points, putting it on track for its biggest daily fall since June.

Companies with significant Middle Eastern shareholders, such as the London Stock Exchange [LSE-LN 761.00 -53.50 (-6.57%)], were also hit by concern the holdings could be cut to meet obligations at home.

"The worry is about the exposure of the banks given the rapid pace of expansion in Dubai and around the area in the last few years," said one bank analyst, who asked not to be named.

Among the biggest fallers were HSBC [HSBA-LN 702.80 -38.40 (-5.18%)], Royal Bank of Scotland [RBS-LN 33.03 -2.725 (-7.62%)], Lloyds Banking Group [LLOY-LN 90.556 -3.61 (-3.83%)] and ING, whose shares all fell over 4 percent.

They were among nine banks who were bookrunners on an outstanding $5.5 billion syndicate loan to Dubai World in June 2008, according to Thomson Reuters LPC data.

Banks may have sold down or increased their loan exposure in the secondary market, and one analyst estimated that bookrunners typically retain only about 10-15 percent of a loan or bonds.

HSBC, RBS and Lloyds all declined to comment. ING said it had a negligible exposure to Dubai World bonds and saw no reason to divert from current guidance on risk costs for next quarters.

Other bank shares under pressure included Deutsche Bank, Standard Chartered [STAN-LN 1504.95 -102.00 (-6.35%)], Barclays [BARC-LN 294.98 -21.30 (-6.73%)], BNP Paribas, Credit Suisse and Societe Generale, who all lost over 3 percent.


Sharon Lorimer
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Trading in UK stocks was halted at about 1100 GMT due to a technical problem at the London exchange. The worries also hurt sterling. "There are concerns regarding the extent of the exposure of the UK banks to Dubai, hence sterling is coming under pressure," said Ian Stannard, currency strategist at BNP Paribas.

Debt Delay

Dubai said on Wednesday that the delayed repayment of debt was a first step toward restructuring Dubai World, the conglomerate that spearheaded the emirate''s breakneck growth.

The news has sent the cost of insuring Dubai''s debt against default soaring and bond prices tumbling.

State-run Dubai World has $59 billion of liabilities, its subsidiary Nakheel said in August, a large proportion of Dubai''s total debt of $80 billion.

"This was a surprise to all bankers, and probably to the management of DW as banks had been progressing well with refinancing discussions," a senior loans banker active in the Gulf said on Thursday.

"It sounds like a political decision taken right at the top which has caused Dubai immense PR damage.

This is very serious and will have implications across the region," he said.

Shares in the LSE dropped as much as 8.8 percent to 742.5 pence, on worries that 22 percent shareholder Borsa Dubai might sell down its stake.

German carmaker Porsche, in which the Qatari Investment Authority holds a stake of about 10 percent, was another casualty, dropping as much as 9.9 percent.

"Everything that is in Arabian hands is getting sold at the moment," said a Frankfurt-based trader.

Luxury auto peer Daimler, in which Abu Dhabi''s Aabar Investments owns a 9.1 percent stake and Kuwait another 6.9 percent stake, also fell, as did British grocer J Sainsbury [SBRY-LN 327.57 -5.40 (-1.62%)], in which the QIA owns about 26 percent.

The U.S. market is closed for the Thanksgiving holiday on Thursday, which could add to volatile market conditions.


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