World stock markets tumbled Thursday after the Dubai government’s flagship investment company sought a six-month reprieve on its debt payments and the U.S. dollar continued its slide against other global currencies. Wall Street was closed for the Thanksgiving holiday and most markets in the Middle East were silent because of a major Islamic feast. But in Europe, the FTSE 100, Germany’s DAX and the CAC-40 in France all tumbled more than 3 percent. Earlier in Asia, the Shanghai index sank 3.6 percent, in its biggest one-day fall since August. The slide spread to Asia on Friday, as Japan’s benchmark Nikkei 225 index fell more than 2 percent in early trading. Investors were rattled by a statement Wednesday from Dubai World that it would ask creditors for a ‘standstill’ on paying back its $60 billion debt until at least May, a move that raised question’s about the Persian Gulf state’s reputation as a magnet for international investment. The company’s real estate arm, Nakheel shoulders the bulk of money due to banks, investment houses and outside development contractors. Dubai became the Gulf’s biggest credit crunch victim a year ago. But its ruler, Sheikh Mohammed bin Rashid Al-Maktoum, had continually […]