Dubai’s financial problems have spooked investors around the world. Moody’s Investors Service didn’t help matters on Wednesday when it said it would review the ratings of not just of Dubai, but of neighboring emirate Abu Dhabi and the federal government of the seven-member United Arab Emirates federation. Dubai and Abu Dhabi are both part of the UAE, the world’s third-largest oil exporter.
But Invesco’s sassy market watcher, Diane Garnick, says the crisis isn’t likely to spread. Based on her past visits to Dubai, which she dubs a “Las Vegas-wannabe,” she expects little fall-out for other world markets.
BOSTON, Dec 3 (Reuters) – Former Fidelity Magellan Fund
manager Jeffrey Vinik slashed equity holdings at his private
investment firm by 75 percent in the third quarter, a possible
sign that the market timer extraordinaire expected stocks to
decline sharply again.
In a filing with the Securities and Exchange Commission,
Vinik’s firm, which closed its doors to most outside i2nvestors
in 2000, reported owning $1.6 billion of stocks as of Sept. 30.
That was down from $6.8 billion on June 30, according to an
earlier filing. Vinik’s firm declined to comment.