WAOW - Newsline 9, Wausau News, Weather, SportsAsian stock markets plummet Friday morning
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HONG KONG (AP) -- Asian stock markets have plummeted. Hong Kong and South Korea were down nearly 5% Friday, as fears mount over the fallout from Dubai's massive debt problems.
European stocks have extended their slide.
It was Asia's second day of losses and followed a rout in European markets Thursday.
Oil, meanwhile, dived below $74 a barrel and the dollar hit a fresh 14-year low against the yen.
U.S. stocks futures pointed to a rough session on Wall Street when trade resumes Friday following a holiday.
Investors have cut back their riskier bets on equities and commodities after Dubai World, the emirate's main development engine, announced it was asking creditors to delay paying back its $60 billion debt.
The news has triggered fears of a massive default and a wave of heavy losses at banks and companies exposed to its debt that could cause more financial pain just as the global economy is starting to recover.
