Take a look at the Saudi stock market, where prices fell by 10.37% last week. The worst damage was in the electricity sector, which lost a quarter of market value in one week.
Market cap fell SR 314 billion ($1=3.75 SR) in the SR 3 trillion market.
The market has been on a tear for 3 years. Company performance is terrific but prices have gotten too high. It is not a coincidence, however, that the decline in the Gulf markets began when the lynch mob in the US Congress made the Dubai deal a front page story.
Keep an eye on the emerging markets. They are the canary in the coal mine for shrinking global capital markets.