Washington - US stocks were poised for a massive sell-off Monday after embattled investment bank Lehman Brothers Holdings filed for bankruptcy - one of many financial firms in turmoil amid a significant broadening of the US credit crisis.

News of the venerable Lehman Brothers' failure came hours after financial services firm Merrill Lynch & Co agreed to be sold to Bank of America Corp late Sunday night.

Paris - Caught up in the turmoil caused by the collapse of US investment bank Lehmann Brothers, the Paris Bourse lost nearly 5 per cent of its value by mid-afternoon on Monday, led downward by weak banking shares.

The big losers for the day were the banks Credit Agricole and Societe Generale, which were down 13.79 and 12.51 per cent, respectively.

For the year, Credit Agricole - France's largest retail banking group and the second largest in Europe - has lost more than 43 per cent of its value.

The shares of two other banks, Dexia and BNP Paribas, fell by 12.10 and 11.54 per cent, while insurance giant Axa lost 11.53 per cent of its value.

Jakarta - Indonesian stock market plunged by 4.7 per cent Monday, sparked by falls of regional and international markets due to concerns about the US financial sector.

Frankfurt - Share prices tumbled in early trading in Europe on Monday as markets reacted to the financial turmoil triggered by the demise of US investment bank Lehman Brothers.

Germany's blue-chip DAX fell 2.8 per cent, while the Paris bourse lost nearly 3.5 per cent and the London Stock Exchange was down more than 2 per cent. In nearly all cases banking shares were hardest hit.

Traders in Frankfurt said there was no panic on the German market, noting that the 30-share DAX recovered slightly to 6,059 after slumping to 6,050 at the opening.

Vienna  - Shares traded on the Vienna stock exchange fell by 3.9 per cent in the first hour of trading Monday, following the news that the US investment bank Lehman Brothers was bankrupt.

Sydney - Australian shares tumbl