{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='WRAP Markets reel amid alarm over world\u0026#39;s financial system ADDS France' data-url='/boclips/videos/5c54be04d8eafeecae1386a6' data-video-url='/boclips/videos/5c54be04d8eafeecae1386a6' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWRAP Markets reel amid alarm over world\u0026#39;s financial system ADDS France\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eTaipei, Taiwan - 15 September 20081. Various of investors sitting in front of monitors showing Taiwan's stock index2. Monitor showing Taiwan's stock index3. Figures showing Taiwan's stock index closing at 6052.45, dropping 4.09 percent...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eTaipei, Taiwan - 15 September 2008\u003cbr/\u003e1. Various of investors sitting in front of monitors showing Taiwan's stock index\u003cbr/\u003e2. Monitor showing Taiwan's stock index\u003cbr/\u003e3. Figures showing Taiwan's stock index closing at 6052.45, dropping 4.09 percent \u003cbr/\u003e4. SOUNDBITE: (Mandarin) Yuan Chung-lin, Analyst at Yuanta Securities:\u003cbr/\u003e\"The main reason (for the drop in stock market today) is that there was news saying Bank of America Corp. and Barclays Bank withdrew their bid to buy the Lehman Brothers which raised the spectre of a bankruptcy of Lehman Brothers. Also the news about the financial risk of AIG (American International Group Inc.).\" \u003cbr/\u003e5. Mid of staff  \u003cbr/\u003e6. Various of monitors showing Taiwan's stock index\u003cbr/\u003eFILE: Mumbai, India - 2 June, 2008\u003cbr/\u003e7. Tilt down of Stock Market building  \u003cbr/\u003eMumbai, India - 15 September 2008\u003cbr/\u003e8. Independent Portfolio Manager Vijay Waichal at his computer\u003cbr/\u003e9. SOUNDBITE: (English) Vijay Waichal, Independent Portfolio Manager :\u003cbr/\u003e\"Unfortunately, it so happens that whatever happens in USA has a direct impact on our markets. As a result of that, though Indian growth story remains intact, we are influenced by the world market as a whole. Now as the result of all the downfall which is coming so rapidly day by day, the people, millions of people, as investors have to loose their fortune which they have earned over a period of time, probably for no fault of theirs.\" \u003cbr/\u003e10. Cut away of hand on mouse tilt up to computer screen \u003cbr/\u003e11. SOUNDBITE: (English) Vijay Waichal, Independent Portfolio Manager :\u003cbr/\u003e\"Now we are at the end of the second quarter of the present year, that is September. We are expecting the corporate results will start trickling in in the next 15 to 20 days. If those results are fortunately better enough then market might probably get strength, and we will have a reason to go slightly up, However looks like the market will not see its old glory anymore.\" \u003cbr/\u003e12. Cutaway of online market screen \u003cbr/\u003e13. SOUNDBITE: (English) Vijay Waichal,  Independent Portfolio Manager :\u003cbr/\u003e\"The losers are mutual funds, in the sense that most of the small investors who do not know market conditions invest their money in mutual funds.\" \u003cbr/\u003e14. Waichal watching market on computer \u003cbr/\u003eFrankfurt, Germany - 15 September 2008\u003cbr/\u003e15. Wide of Frankfurt Stock Exchange\u003cbr/\u003e16. Mid of trading board\u003cbr/\u003e17. Mid of traders by computer\u003cbr/\u003e18. SOUNDBITE (German) Oliver Roth, Director Equities Trading Close Brothers Seydler AG:\u003cbr/\u003e\"The German institutes are naturally less involved in the American credit crisis than the US American finance institutes so there will be no domino effect, but we will nevertheless have continuous pressure especially on bank stocks here in Frankfurt.\"\u003cbr/\u003e19. Cutaway of market floor\u003cbr/\u003e20. SOUNDBITE (German) Oliver Roth, Director Equities Trading, Close Brothers Sadler AG:\u003cbr/\u003e\"In Europe and America I can see more bank crashes. In my opinion there is further necessity for write offs. Real estate prices in the US, which are the trigger for the crisis, keep dropping and that's why I can imagine that some institutes in the US and also here in Europe, UBS for example who had huge problems and a massive need for write offs so far, might slide deeper into the crisis.\"\u003cbr/\u003e21. Mid of trader at desk\u003cbr/\u003eParis, France - 15 September 2008\u003cbr/\u003e22. Pan of Richelieu Finances trading room\u003cbr/\u003e23. Traders at computers\u003cbr/\u003e24. Set up of Nathalie Pelras, Portfolio manager, Richelieu Finances \u003cbr/\u003e25. SOUNDBITE (English) Nathalie Pelras, Portfolio manager, Richelieu Finances: \u003cbr/\u003e\"The French market today, as usual in 2008, is overacting like all the other places because of the news of the financial sector this weekend.\"\u003cbr/\u003e26. Close up of graph of CAC 40\u003cbr/\u003e27. SOUNDBITE (English) Nathalie Pelras, Portfolio manager, Richelieu Finances: \u003cbr/\u003e\"Nobody was expecting Lehman to be under chapter 11 a few months ago, so everything is possible, even for big names, so I think the French and the European markets are afraid of what can happen more.\"\u003cbr/\u003e28. Mid of trading room\u003cbr/\u003eAsian and European stock markets were down sharply on Monday amid growing alarm over the world's financial system after a seismic shake-up on Wall Street, with Lehman Brothers saying it would file bankruptcy and Merrill Lynch being sold to Bank of America.\u003cbr/\u003eEurope's major central banks moved to calm the volatile markets Monday by providing more cash to a jittery banking system.\u003cbr/\u003eGlobal stock and credit markets have been roiled by the decision of Lehman Brothers holdings to seek bankruptcy protection, which came after last ditch talks to find a suitor for the Wall Street institution collapsed this weekend.\u003cbr/\u003eTaiwan's main stock index fell 258.23 points, or 4.09 percent to close at 6,052.45\u003cbr/\u003eAsia's biggest stock exchanges in Japan, Hong Kong and South Korea were closed for holidays, but every market open was deep in the red.\u003cbr/\u003eIndia's Sensex index is down 586 points, or 4.2 percent, to 13,409.29 in afternoon trading on Monday after sinking more than 5 percent earlier.\u003cbr/\u003eAustralia's key index was down 2 percent and Singapore dropped 2.9 percent.\u003cbr/\u003eThe declines came as Wall Street and the US government took a series of steps aimed at bringing an end to the credit crisis that has roiled the global financial system for more than a year.\u003cbr/\u003eTroubled US investment bank Lehman Brothers Holdings Inc. announced it would file for bankruptcy after prospective buyers, including Barclays PLC, backed away from a deal.\u003cbr/\u003eYuanta Securities analyst, Yuan Chung-lin, said in Taipei on Monday that the withdrawal of the bid by Barclays and Bank of America Corp. was \"the main reason\" for the sharp fall in Taiwan's main stock index.\u003cbr/\u003eInsurer AIG, hit hard by deterioration in the credit markets, said on Sunday it is reviewing its operations and discussing possible options with outside parties to improve its business after a week when its stock dropped 45 percent amid concerns about the company's financial underpinnings. \u003cbr/\u003eBank of America Corp. said it is snapping up Merrill Lynch \u0026amp; Co. Inc. in a 50 (b) billion (US) dollar all-stock transaction.\u003cbr/\u003eA global consortium of banks, meanwhile, announced late on Sunday a 70 (b) billion US dollars pool of funds to lend to ailing financial companies, a move geared toward preventing a worldwide panic on stock and other financial exchanges.\u003cbr/\u003eThe US Federal Reserve chipped in with more largesse in its emergency lending program for investment banks.\u003cbr/\u003eIn India stocks have plunged amid anxiety about the global financial system.\u003cbr/\u003eSpeaking from Mumbai, independent portfolio manager Vijay Waichal said it was unfortunate that \"whatever happens in USA has a direct impact on our markets.\"\u003cbr/\u003e\"As a result of that, though Indian growth story remains intact, we are influenced by the world market as a whole. Now as the result of all the downfall which is coming so rapidly day by day, the people, millions of people, as investors have to loose their fortune which they have earned over a period of time,\" he added.\u003cbr/\u003eIn Europe, the FTSE-100 share index was down 2.72 percent in London, the Paris CAC-40 was off 3.52 percent and Germany's DAX 30 index of blue chips sagged 2.99 percent.\u003cbr/\u003e\"Nobody was expecting Lehman to be under chapter 11 a few months ago, so everything is possible, even for big names, so I think the French and the European markets are afraid of what can happen more,\" said Nathalie Pelras, a Portfolio manager at Richelieu Finances in Paris on Monday.\u003cbr/\u003eHowever, Director Equities Trading Oliver Roth at Close Brothers Seydler AG said that as German institutes were less directly involved in the American credit crisis than the US American financial institutes, he did not foresee a \"domino effect.\"\u003cbr/\u003e\"Nevertheless have continuous pressure especially on bank stocks here in Frankfurt,\" he said.\u003cbr/\u003e\"In Europe and America I can see more bank crashes. In my opinion there is further necessity for write offs. Real estate prices in the US, which are the trigger for the crisis, keep dropping and that's why I can imagine that some institutes in the US and also here in Europe, UBS for example who had huge problems and a massive need for write offs so far, might slide deeper into the crisis,\" he added.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv 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