(RTTNews) - U.S stock futures point to a sharply lower opening Friday morning, as traders are likely to react to the tumble in global markets over the past two days following the financial crisis in Dubai. State-run Dubai World, the conglomerate that spearheaded the emirate's breakneck growth, has sought a six-month "standstill" on its $60 billion debts with all lenders.

As of 6.15 am ET, the Dow futures were down 242.00 points, the S&P futures were down 32.50 points, and the tech-heavy Nasdaq 100 futures were down 52.25 points.

Traders will be digesting the impact of the financial crisis in Dubai World and the repercussions of the same in the major banks and other institutions that have exposure in Dubai World. The markets across Asia declined for the second day on Friday on Dubai World while the European markets, having reacted sharply in the previous session, is showing signs of stability having arrested the slide.

Retailers will be in focus having opened their outlets from midnight welcoming the customers on a shopping spree on the eve of Black Friday.

Crude oil price tumbled below the $75 a barrel mark, and is presently quoted at $74.11, and the dollar is gaining against the Euro and the Pound, but weakening against the Japanese yen, which has breached the 87 yen mark.

In other corporate news, aerospace and rail transportation solutions provider Bombardier Aerospace (BBD-A.TO) Thursday said that it will be reducing its CRJ aircraft production rate as previously indicated, in response to the current economic downturn and airline industry environment that made it difficult to gain new aircraft orders, particularly for CRJ aircraft family.

Insurer American International Group, Inc. (AIG) said on Wednesday that it has reached a settlement with its former Chairman Maurice Greenberg related to various long-standing legal issues. AIG entered into a Memorandum of Understanding with Greenberg, its former chief financial officer Howard Smith, as well as two companies controlled by Greenberg, C.V. Starr & Co. Inc. and Starr International Co., Inc. that would put an end all disputes amongst them.

World Markets The markets across Asia tumbled sharply into the red following the financial crisis in Dubai World. All the markets ended deep in the red, with Hong Kong's Hang Seng Index shedding more than 1,000 points or 4.84% and Japanese Nikkei down more than 3%. The European markets, which have already reacted on Thursday with major losses, are presently trading in negative territory dragged down by bank stocks.

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