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Asian markets rallied on Monday, but Europe reversed opening gains, as investors digested moves by the United Arab Emirates central bank to soothe worries over Dubai's debt crisis.
Hong Kong surged 3.25 percent and Tokyo soared 2.91 percent on Monday as fears over Dubai's debt problems receded following a move by the United Arab Emirates' central bank to provide extra liquidity.
However, in late morning European deals, Frankfurt fell 0.45 percent, London slid 0.53 percent and Paris shed 0.65 percent in value, with all three markets reversing opening gains in highly volatile trade.
The United Arab Emirates central bank announced Sunday that it was providing additional liquidity to banks, amid worries about the global banking sector's exposure to Dubai. The move was welcomed by the International Monetary Fund.
British banks reportedly have a total exposure of 30 billion dollars to Dubai World, according to recent media reports.
"Dubai has not pushed the world over the edge," said Commerzbank analyst Antje Praefcke.
"This recognition is increasingly taking hold on the markets this morning now that the central bank of the United Arab Emirates has made it clear that it is backing the local and foreign banks of the Emirate.
"For this aim it has already created new financing options for the resident banks. This does not solve the possible insolvency of Dubai World, but it does make a run on Dubai's banks unlikely."
However, in the Middle East, stock markets in Dubai and neighbouring Gulf emirate Abu Dhabi went into freefall on Monday as investors in the United Arab Emirates grabbed their first chance to respond to the crisis.
Dubai's stock market dropped by 7.19 percent as leading securities, including construction and finance, plunged almost by the maximum-allowed limit of 10 percent at the opening, which followed a four-day holiday.
The Dubai government had rocked world financial markets last Wednesday when it announced that it wanted to freeze debt repayments by its mighty Dubai World conglomerate until at least May next year.
The news had sent jitters throughout world markets, stoking fears of a possible default by Dubai and its state-owned businesses, which together owe 80 billion dollars.
The announcement took many investors by surprise because it was made ahead of Thanksgiving in the United States on Thursday, and the Eid holiday period.
"The Dubai market has opened lower after the return from the Eid holiday," said ETX Capital senior trader Manoj Ladwa.
"However, the UAE central bank has moved to quell the panic by increasing liquidity in the Dubai banks.
"In the short term this could arrest the slide but a few more issues may unravel over the next few days," Ladwa warned.
Adding to the woes, UAE property developer Nakheel, part of the debt-laden Dubai World, asked for a suspension in trading of all its Islamic bonds, the NasdaqDubai bourse said on its website on Monday.
"While there remain risks from the situation in Dubai, we expect the recent sell-off in global markets to be brief," added Barclays Capital analyst Adarsh Sinha.
Elsewhere in Asia, Sydney jumped 2.83 percent, Seoul gained 2.04 percent and Taipei added 1.22 percent, as fears receded that Dubai's debt problems would spiral into a wider crisis, dealers said.
Tokyo shares rallied with confidence also buoyed by government plans for an extra stimulus of more than 31 billion dollars this fiscal year to tackle the surging yen and weak equities.
Chinese shares leapt 3.20 percent after Beijing said last week it would continue its loose monetary policy next year, dealers said.
India's stock market rose 1.9 percent as the government announced the economy grew 7.9 percent year-on-year during the July-September quarter.