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HONG KONG (Reuters) - Stocks and the U.S. dollar tumbled on Monday as Lehman Brothers was expected to file for bankruptcy, leading to grave uncertainties about other banks and shaken confidence in the financial system, and sending safe-haven Treasury debt and gold prices soaring.
"Stock markets in Australia, Singapore and Taiwan all dropped 3 to 4 percent as investors tried to slice off any trace of risk in their portfolios, loading up on investment-grade debt as consolidation in the financial sector sent shockwaves through almost all asset classes.
"The exact ramifications of the liquidation process and the unwinding of positions pertaining to the Lehman situation remain unclear. Hence, over the next 48 hours at least, financial markets are likely to be volatile and tense," said economists with United Overseas Bank in Singapore in a note."