Malcolm Morrison, The Canadian Press
TORONTO - The Toronto stock market is in for a sharply lower opening in line with other global markets amid a new round of worries about the global financial system.The concern centres around debt problems at Dubai World, a global investment company owned by the government of Dubai.Sentiment in stocks has been dented by the news that Dubai World, which is thought to have debts totalling around US$60 billion, has asked creditors if it can postpone its forthcoming payments until May. That has stoked fears of a potential default and contagion around the global financial system, particularly in emerging markets.
Overseas markets were rattled by the development as the Shanghai index tanked 3.6 per cent, Hong Kong's Hang Seng shed 1.8 per cent while Japan's Nikkei 225 stock average fell 0.6 per cent. London's FTSE 100 index fell 1.86 per cent and Frankfurt's DAX dropped 1.8 per cent.
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