Standard Chartered Sinks on Dubai Worries; Materials, Energy, Industrials Are Worst Performers

The banking world is feeling the effect of today’s fear over a potential default on billions in debt by the Persian Gulf state of Dubai. In Particular, London-based Standard Chartered (STAN.L) is believed to have the biggest exposure to the Emirate’s debt among banks, according to a Dow Jones Newswires article this morning. Standard’s common shares on the London Stock Exchange are down $45, or 3%, at 1,469.

Financials as a whole, however, are holding up alright, with the Select Sector SPDR Financials ETF (XLF) down only 2%. The worst group is actually materials, dragged down by the decline in gold, copper, and commodities generally, with the Materials ETF (XLB) off 3.2%. The SPDR energy ETF (XLE) is down about 3.1%, and industrials (XLI) is down 2.7%.

Among oil majors, ExxonMobil (XOM) is down $1.48, or 2%, at $74.99.