We are on our way to a VERY bad day for markets all over the world in the light of Bear Stearns selling to JP Morgan for a measly $2 a share.
The Asian markets (Japan, Korea, Aust, NZ) are already down near or over 2% in the first hours of trading.
(well, the numbers are getting worse as I type)
JAPAN
Update: Taiwan opens with a drop on 2%. Most markets holding at between 2-3%. Waiting for Shanghai to open.
Update II:
^AORD All Ordinaries 5,165.80 9:47PM ET Down 122.70 (2.32%)
^N225 Nikkei 225 11,859.48 9:27PM ET Down 382.12 (3.12%)
^NZ50 NZSE 50 3,433.60 9:26PM ET Down 67.31 (1.92%)
^STI Straits Times 2,757.84 9:48PM ET Down 81.17 (2.86%)
^KS11 Seoul Composite 1,557.41 9:48PM ET Down 42.85 (2.68%)
^TWII Taiwan Weighted 7,992.99 9:48PM ET Down 168.40 (2.06%)
Not good news.
Update III:
Hang Seng opens down 4% and Nikkei nearing 4%
Update IV:
Jakarta opens down 5%. Looks like things might hold still for a bit at 3-4% down every where else.