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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Global stocks mixed amid Dubai debt crisis AFP - Tuesday, December 1 Send IM Story Print A businessman walks past a share prices board in Tokyo. Asian markets rallied, but Europe and the Middle East hit reverse gear, as investors digested moves by the United Arab Emirates central bank to soothe worries over Dubai's debt crisis. LONDON (AFP) - – Asian markets rallied on Monday, but Europe and the Middle East hit reverse gear, as investors digested moves by the United Arab Emirates central bank to soothe worries over Dubai's debt crisis. Hong Kong surged 3.25 percent and Tokyo soared 2.91 percent on Monday as fears over Dubai's debt problems receded following a move by the UAE central bank to provide extra liquidity. However, in late morning European deals, Frankfurt fell 0.75 percent, London slid 0.64 percent and Paris shed 0.85 percent in value, with all three markets reversing opening gains in highly volatile trade. The UAE central bank announced on Sunday that it was providing additional liquidity to banks, amid worries about the global banking sector's exposure to Dubai. The move was welcomed by the International Monetary Fund. "Shares in London have come under some pressure as traders focus on developments in Dubai," said analyst Tim Hughes at spread-betting firm IG Index. "The United Arab Emirates central bank commitment to providing liquidity for lenders has gone some way to help shore up confidence amongst investors. "In the light of this, today's move in London could equally just be put down to a normal pullback after Friday's rise. In the Middle East, stock markets in Dubai and Abu Dhabi closed sharply lower, shedding 7.3 percent and 8.3 percent respectively amid a lack of buyers after Dubai World's shock proposal to suspend debt payments. Related article: UAE markets plunge on debt woes. Dubai's benchmark DFM Index closed at 1,940.36 points, down 152.80 points from its close on Wednesday, just before the Dubai government's shock announcement it wants to freeze debt repayments by its mighty Dubai World conglomerate for at least six months. Leading securities, including construction and finance, plunged almost by the maximum-allowed limit of 10 percent after the bourse reopened Monday following a four-day holiday. The financial market of the oil-rich Abu Dhabi also reacted negatively to the debt woes of neighbouring Dubai, dropping 8.31 percent to 2,668.23 points in midday deals. "No doubt developments in Dubai will still be one of the major points of focus for traders, but barring any further bad news regarding the current debt situation, it is difficult to see any more significant weakness for shares at the moment," added Hughes at IG Index. British banks reportedly have a total exposure of 30 billion dollars to Dubai World, according to recent media reports. "Dubai has not pushed the world over the edge," said Commerzbank analyst Antje Praefcke. "This recognition is increasingly taking hold on the markets this morning now that the central bank of the UAE has made it clear that it is backing the local and foreign banks of the Emirate. "For this aim it has already created new financing options for the resident banks. This does not solve the possible insolvency of Dubai World, but it does make a run on Dubai's banks unlikely." Last week's Dubai news has sent jitters throughout world markets, stoking fears of a possible default by Dubai and its state-owned businesses, which together owe 80 billion dollars. The announcement on Wednesday took many investors by surprise because it was made ahead of Thanksgiving in the United States on Thursday, and the Eid holiday period. Adding to the woes, UAE property developer Nakheel, part of the debt-laden Dubai World, asked for a suspension in trading of all its Islamic bonds, the NasdaqDubai bourse said on its website on Monday. Elsewhere in Asia, Sydney jumped 2.83 percent, Seoul gained 2.04 percent and Taipei added 1.22 percent. Tokyo shares rallied with confidence also buoyed by government plans for an extra stimulus of more than 31 billion dollars this fiscal year to tackle the surging yen and weak equities. 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