The Nikkei is trading down 1.5% at its lowest level this year and the Kospi down 3.3% and the ASX200 down 1.5% or 52 points at 3465.
Japanese insurance stocks were weaker as were shipping stocks. Korean bank and steel maker shares were also down as the WON fell againt the dollar.
In Australia the big news was that China’s Minmetals launched a A$2.6 BIO takeover bid for Oz Minerals and that Paperlinx had confirmed it was selling its Paper unit to Nippon Paper.
But that couldnt stop the falls, with all banks down, NAB the worst, down 3.3%. BHP was off 1.7% on the back of falls in base metal prices and RIO was flat.
Market is taking some money off the table ready to see how Wall St fares tonight after its Monday holiday. Automakers Chrysler and GM are due to present thrie long term recovery plans to the government.
