Looking ahead, Goldman Sachs and Morgan Stanley are due to report third quarter results this week. Analysts at SocGen said: "Their earnings should represent a relatively easier barrier for the market to overcome, but we will then be in a vacuum of sorts as far as single names are concerned given that the full reporting season is still some four weeks away."
Banking stocks fell across Europe on Monday after the dramatic overnight news of Lehman Brothers' bankruptcy and Bank of America's $50bn takeover of Merrill Lynch. ... "Black Monday? Try Blacker Than a Dark Cellar at Midnight Monday," said Mark Priest, senior trader at ETX Capital. "Bear Stearns has gone, Lehman's gone, Merrill's gone - it's carnage. People are worried about what will emerge when Lehman Brothers unravels itself, and the ripple effects that that could cause. It looks like people have moved their money back into commodities - gold and silver are up, but otherwise there are few safe havens."
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"Black Monday? Try Blacker Than a Dark Cellar at Midnight Monday," said Mark Priest, senior trader at ETX Capital.
"Bear Stearns has gone, Lehman's gone, Merrill's gone - it's carnage. People are worried about what will emerge when Lehman Brothers unravels itself, and the ripple effects that that could cause. It looks like people have moved their money back into commodities - gold and silver are up, but otherwise there are few safe havens."
