US futures slide more than 3% on Dubai worries

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Reuters

HONG KONG -- Futures on the US S&P 500 have tumbled more than three per cent, extending losses after Dubai's decision to suspend billions in dollars of debt repayments from two flagship companies stoked investor fears of a hefty default.

December S&P futures shed 3.1 per cent, or 33.9 points, in electronic trading as US financial markets prepared to open later in the day after the Thanksgiving holiday.

Futures on Treasury notes soared, jumping 28/32 to 121-11/32 -- a six-month high.

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