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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 Singapore Asia Pacific World Asia markets slide on Dubai debt fears AFP - Friday, November 27 Send IM Story Print Asia markets slide on Dubai debt fears Slideshow: Full Photo Coverage: Business & Economy HONG KONG (AFP) - – Asian shares tumbled in early trade Friday, following global equity markets down on fears of a widespread default after Dubai issued a shock call to suspend the debt of a key state company. Hong Kong shares slumped 3.13 percent in the first few minutes of trade, while Tokyo was 1.81 percent lower at noon. Shanghai opened 1.05 percent down as investors also remained concerned that Beijing may tighten monetary policy. The falls in Asia followed steep declines in Europe and the Middle East Thursday as investors' appetite for risk evaporated, with US markets closed for the Thanksgiving holiday. The government of Dubai rocked financial markets on Wednesday when it said it would ask creditors of its Dubai World conglomerate for a debt moratorium of at least six months. Related article: Dubai defends debt payment suspension The Dubai request "fed a climate of insecurity and crisis of confidence at a time when fears are mounting about excessive public debt", said Xavier de Villepion, an analyst with Global Equities in Paris. The move hit banking shares as investors fretted over their exposure to a potential debt crisis. In Hong Kong, HSBC opened down 4.9 percent at 89.50 Hong Kong dollars and Standard Chartered tumbled 5.9 percent at 190.70. The index recovered some ground later in the session with the benchmark Hang Seng down 541.23 points, or 2.44 percent, to 21,669.18 shortly after 0300 GMT. Earlier London's FTSE index of leading shares closed 3.18 percent lower after having been forced to suspend trading for three and a half hours due to a technical hitch. Frankfurt's DAX index fell 3.25 percent and in Paris the CAC closed 3.41 percent lower, with major banks suffering all round. In Paris Societe Generale shed 5.48 percent to 45.62 euros. Mixed news out of Japan also hit investor sentiment. A bigger-than-expected fall in the jobless rate pointed at recovery in the world's number two economy Friday, but the government fretted that the surging yen could again derail the export-reliant economy as shares fell 1.81 percent. Finance Minister Hirohisa Fujii did not signal imminent plans to intervene in currency markets but stressed that Tokyo was watching closely and could take steps for the first time in five years if the situation worsens. Related article: Japan worries yen surge will hit recovery Fujii was speaking as the dollar traded around 85 yen, its lowest level since the mid-1990s, raising fears that Japanese exporters such as Toyota, Honda and Sony will lose overseas competitiveness. In stronger-than-usual comments, the minister said the yen's rapid rise was "harmful", a day after Prime Minister Yukio Hatoyama said the government must take measures to avoid a double-dip recession. Tokyo's benchmark Nikkei-225 index dropped 169.73 points to 9,213.51 by the lunch break. In Seoul shares were 2.56 percent lower in intraday trade while Taipei was off 1.86 percent at 0315 GMT. Gold on Friday was trading at 1,187.90 US dollars an ounce in Asia after soaring to a record high of 1,195.13 dollars Thursday, following a purchase from the IMF of the precious metal by Sri Lanka's central bank, traders said. The commodity has also won support in recent weeks from inflationary fears, the weak US currency and moves by central banks to diversify assets into gold. Markets in Singapore, Kuala Lumpur and Indonesia were closed for public holidays. -- Dow Jones Newswires contributed to this story -- Recommend Send IM Story Print Related Articles Oil slides to near $74 as Dubai woes roil markets AP - 48 minutes ago Nikkei slides on yen, Dubai to mark 5th losing week Reuters - 51 minutes ago Japan's global auto production mixed in October AP - 52 minutes ago Moody's:Tribunal decision is pos for NSW Electricity distributrs Reuters - 56 minutes ago Indian exports dip 6.6 pct y/y in Oct - trade min Reuters - 58 minutes ago News Search Top Stories Sarkozy hails US, Chinese climate proposals Spain's Repsol to invest $1.5 million in Bolivian gas Dubai debt move 'carefully planned': top official Dubai debt fears hit world stock markets Euro slips More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Couple crashed White House state dinner Dubai debt fears hit world stock markets Dubai debt default fears spill into world markets Fed's zero rate policy sparking growing complaints Dubai debt move 'carefully planned': top official More Most Viewed » Alcohol helps cut heart disease risk for men: study Mankind using Earth's resources at alarming rate More Most Recommended » Elsewhere on Yahoo! 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