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UAE markets open lower after global markets sink

Markets Update: Local bourses opened in the red this morning, following global markets down on renewed fears about eurozone debt.

Local bourses opened in the red this morning, following global markets down on renewed fears about eurozone debt.

The price Spain must pay to borrow on the international markets rose yesterday, indicating increased concern about the financial stability of the country. The jump in Spanish debt yields caused fear in European markets of a return of the euro zone debt crisis.

All European stock markets tumbled deep into the red, with most ending the day down 2 per cent or more. United States factory orders missed forecasts, also weighing on markets.

The Dubai Financial Market General Index was down 0.94 per cent to 1,687.26 in morning trading. The Abu Dhabi Securities Exchange General Index was 0.04 per cent lower at 2,562.72.

Dubai Holding announced that Dubai International Capital, its private equity investment arm, has reached an agreement with its lenders to restructure $2.5 billion of liabilities.

In respect of about $2.15bn of liabilities, creditors will extend their debt for five years and receive 2 per cent cash interest. An agreement has also been reached on the remaining $350m where creditors will extend their debt for three years at the same rate of interest.

China's stocks were among the few to rise after its government said it will more than double the amount foreigners can invest in equities, bonds and bank deposits.

lmiller@thenational.ae

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