Thai King Bhumibol Dies; Markets Slump

Thai King Bhumibol Adulyadej, the world's longest-reigning monarch, died on Thursday, according to media reports. He was 88. Thai markets slumped after the royal palace said Sunday that the King's condition had become "unstable." The country's currency, the Thai baht, has slid more than 2% against the dollar since then, recently trading at 35.62 baht to the dollar. The iShares MSCI Thailand ETF , which tracks Thai stocks, has fallen 10% so far this week. More losses are expected on Thursday. King Bhumibol reigned for 70 years and led his country through the Cold War, as well as military conflicts in Vietnam, Laos and Cambodia.