- For Many in US, It Will Be a Scaled-Down Holiday Season
- US Bonds Pare Losses After 7-Year Auction
- New-Home Sales Jump to Highest Level in Over Year
- Judge Erases Couple's $525,000 Mortgage Payment
- Claims Level Suggests End to Job Losses
- Consumers Catching the Holiday Spirit
- Airlines Hit With Penalties for Stranding Passengers
- Consumer Mood Improves, but Anxiety Over Finances
- Jobless Claims Below 500,000, Durable Orders Slip
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
- S&P Stocks Trading at New 52-Week Highs
- 4 Food Stocks to Stuff in Your Portfolio: Analyst
- S&P at 1050-1200 Trading Range Next Year: Strategist
- Treasury On Mortgage Modifications
- Blue Jeans Expected to See Another Green Christmas
- Investors Thankful for Gains This Year
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- Garlic Price Rises Surpass Gold, Stocks in China
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- Half of Banks' Losses May Still Be Hidden: IMF Head
- Oil Price to Average $75.40 in 2010: Poll
- S&P Stocks Trading at New 52-Week Highs
- Americans Ditch Planes for Trains this Thanksgiving
- Consumer Mood Improves, But Anxiety Over Personal Finances
- Jobless Claims Below 500,000, Durable Orders Slip
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Asian markets -- the few of them that were opened today -- fell sharply as U.S. investment bank Lehman Brothers filed for bankruptcy, dragging down financials. Moves were likely exaggerated as trading activity is limited by market holidays across the region, including in Japan, Hong Kong, China and South Korea. These markets will reopen Tuesday.
In related news, Merrill Lynch [MER
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] agreed to be acquired by Bank of America [BAC
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] for $29 a share, or roughly $50 billion, after being pressured into a deal by federal regulators.
Fears of Lehman's [LEH
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] bankruptcy sent shock waves through the market, and saw the U.S. dollar post its largest one-day fall against the euro [EUR-TN
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] in six months. Crude oil futures [US@CL.1
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] fell below $100 as Hurricane Ike caused less damage than feared to the U.S. oil facilities in the Gulf of Mexico.
Australian shares finished 1.7 percent lower as gains in miners stemmed the market's fall. The investment banks were the worst hit, with Macquarie Group down 10 percent and Babcock & Brown down 16 percent. Mining companies, led by BHP Billiton and Newcrest Mining, helped stem the market's declines after industrial metals prices bounced on Friday and investors poured into gold as a safe haven.
Singapore's Straits Times Index tumbled over 3 percent lower as uncertainty over the failure in Lehman Brothers fueled selling in blue chips such as CapitaLand and Singapore Exchange. CapitaLand, Southeast Asia's largest property developer, was down 4 percent, while Singapore Exchange fell 2 percent. DBS Group, Southeast Asia's biggest lender, was down 1.7 percent.
Taiwan stocks fell more than 4 percent to their lowest level since November 2005, dragged by financial shares such as Cathay Financial on uncertainty about a bailout for U.S. investment bank Lehman.
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Data is a real-time snapshot *Data is delayed at least 15 minutes