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 HONG KONG (AP) - Asian stock markets tumbled Friday, with South Korea down nearly 5 percent, as fears mounted over the fallout from Dubai's massive debt problems and the dollar continued its slide against the Japanese yen.
It was the region's second day of losses and followed a rout in European markets. Oil, meanwhile, dived to near $75 a barrel.
Investors cut back their riskier bets on equities and commodities after Dubai World, the emirate's main development engine, announced it was asking creditors to delay paying back its $60 billion debt. The news triggered fears of a massive default and a wave of heavy losses at banks and companies exposed to its debt that could cause more financial pain just as the global economy is starting to recover.
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