Copper futures fell the most in four weeks in CFD´s accounts on Thanksgiving; as we mentioned last Friday, Dubai’s announced a delay in debt repayments and it reduced investors appetite for assets perceived to carry “greater risk”.
The famous MSCI World Index fell to the lowest level in two weeks on speculation that Dubai’s proposal may trigger the biggest sovereign default since Argentina in 2001. The MSCI index is created by Morgan Stanley Inc and it’s composed by 1500 stocks from the main developed countries in the world.
Standard & Poor’s 500 Index lost 1.7 percent to 1,091.49 at the 1 p.m. close in New York after retreating as much as 2.4 percent in the first 15 minutes of trading. The Dow Jones Industrial Average dropped 154.48 points, or 1.5 percent, to 10,309.92.
Exxon Mobil Corp. lost 2.1 percent as oil tumbled 2.7 percent to a six-week low. U.S. stocks pared declines after Richard Bove, Rochdale Securities LLC’s bank analyst, said American lenders have “minimal” exposure to Dubai.