A look at financial developments around the world

From Forbes:

MANILA, Philippines - Philippine stocks plummeted with steep losses triggering a circuit-breaker that automatically halted trading for 15 minutes. The Stock Exchange index plunged 239.66 points, or 12.3 percent, to 1,713.83 points, the lowest close since September 2004 and the biggest one-day drop since February 2007. Decliners outnumbers gainers 123 to five, with 13 stocks unchanged.