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December 2, 2008 8:58:29 PM CST

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Lehman Crash Triggers Global Market Tumble

Posted Sep 15, 08 3:40 AM CDT in World,  US,  Business 

(Newser) – Lehman Brothers’ bankruptcy, along with news that mammoth insurer AIG is seeking a $40 billion Federal Reserve loan, has sent European and Asian markets, US futures and the dollar sharply downward, Bloomberg reports. Swiss-based UBS AG, Europe’s bank most hurt by the subprime crisis, plunged 7.2%. Australia’s biggest investment bank, Macquarie, fell 10%, and S&P futures expiring in December fell 2.9%.

Meanwhile, stock indexes dropped over 3% in France, Spain, Taiwan, the Philippines and India—and the dollar fell 1.9% against the yen. “The global credit crisis has permeated through all markets,” said an analyst. Europe’s Dow Jones index dropped 2.7% and the MSCI Asia Pacific, excluding Japan, sank 1.5%. “It’s mayhem,” said an expert. "If you thought the US economy was slowing, that fear has been amplified, with implications for global economic activity."

Source Bloomberg

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News of Lehman Brothers' bankruptcy has troubled markets worldwide.   (AP Photo/Katsumi Kasahara)
A commuter walks past an electronic display showing the British FTSE 100 share index, in London, Monday, Sept. 15, 2008.   (AP Photo/Alastair Grant)
People leave the Lehman Brothers headquarters on 7th Ave. in New York City carrying personal belongings as they clear their offices Sunday, Sept. 14, 2008.   (AP Photo/David Karp)
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Financial Crisis • stock market • Lehman Brothers • US dollar • bankruptcy • Asian markets • European markets • futures market


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