| U.S. stocks drop, dollar gains on Dubai worry |
| News - Financial News |
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--(www.FinancialNewsUSA.com)-- 11/28/2009 - Most Popular industry news provided by Financial News USA. Fears of a possible Dubai debt default rippled through markets for a second day on Friday, but the exodus from stocks and rush to the safe-haven U.S. dollar slowed as investors discounted contagion. U.S. stocks fell more than 1 percent, the first day of trading there after Dubai on Wednesday said it would ask creditors of two flagship firms, including conglomerate Dubai World, for a standstill on debt payments as part of a restructuring. But euro stocks rebounded a day after falling 3 percent on the Dubai news, which particularly hit bank stocks. The potential magnitude of the event, measured by Dubai World's $59 billion in debt, unhinged markets on concern that the hangover from the credit-driven property boom may hold more harsh surprises for banks. Rising fears of a possible debt default at a Dubai state-owned conglomerate is the catalyst for an "overdue correction" in equities and risk assets, the chief executive of top bond fund manager Pimco said in an interview on Friday. "Dubai is serving as a catalyst for an overdue correction in risk assets that have been supported by liquidity rather than fundamentals," CEO Mohamed El-Erian told Reuters. "While many have acknowledged in the last few weeks the growing wedge between market valuations and economic and corporate realities, few have been willing to take their equity exposure down. Dubai is changing all of this. The Supreme Court of Canada said Friday that Wal-Mart Stores Inc. was entitled to close a store in Quebec in 2005, seven months after workers voted to become the first Walmart store in North America to unionize. The highest court in Canada ruled in a 6-3 margin that the multinational had the right to shut down the outlet in Jonquiere, Quebec, and lay off 190 employees. Justice Ian Binnie wrote for the majority, saying that the court had "endorsed the view that no legislation obliges an employer to remain in business." And that, "the closure did not constitute an unfair labor practice aimed at hindering the union or the employees from exercising rights under the labor code." A Wal-Mart Canada spokesman said the ruling is consistent with previous decisions from a Quebec labor commission and the Quebec Superior Court and Quebec Court of Appeal. Looking to get alerts on your mobile phone when a stock hits a buy or sell point? And then quickly execute a trade with a few taps on your handset based on that data? "There's an app for that," says Apple's marketing campaign for the iPhone. Indeed, software applications, or apps, are popping up on all sorts of smart phones, including Research In Motion's (NasdaqGS:RIMM - News) BlackBerry and devices running Google's (NasdaqGS:GOOG - News) Android mobile operating system. Brokerages and other financial services firms are racing to offer mobile apps for accessing accounts and market data on the go. Before the current generation of apps for mobile phones, many investors felt chained to their PCs during market hours. About Financial News USA Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com. 
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