clipped from www.guardian.co.uk

As concerns grew that a fledgling economic rally stimulated by rock-bottom global interest rates might have run its course, the price of crude oil fell by almost $2 a barrel and speculators shunned riskier markets in emerging countries. Banks were the hardest hit stock market sector, and shares in HSBC and Standard Chartered – which are exposed to a property crash in Dubai – fell heavily.

Graham Turner, of consultancy GFC Economics, said: "It gives you a picture of the fact that credit problem persists, despite everything that's been done."

Turner said the problems in Dubai were indicative of widespread malaise. "Despite having oil, it's still the case that many of these countries had explosive credit growth. It's very clear that in 2010, we've got plenty more problems in store."

"This may be the first sign that people are thinking you can't get back to the debt-fuelled halcyon days of 2007.