MARKETS JITTERY AFTER DUBAI refuses to pay bond holders, requesting a debt stand still for 6 months. Shanghai fell 3.6%, FTSE-100 fell 99 pts before trading at the London Stock Exchange was frozen due to technical difficulties and the YEN REMAINS THE STRONGEST CURRENCY as we repetitively warned over the last 5 weeks. The Dubai story was minimized as the announcement took place AFTER local bourses shut for a 4-day holiday. Next week, US and Gulf markets return from their break, coinciding with ECB meeting and US jobs report. Talk of SNB intervention after EURCHF bounced from 1.5008 to 1.5090s, but no official confirmation by SNB. Similarly, Japanese officials warned against excessive JPY appreciation after USDJPY hit fresh 14-month low of 86.30.
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