All regional stockmarkets have started the week lower, takling the lead from Wall Street overnight and the continued worries about the health of the US banks.
The Nikkei is down 3.2%, ASX200 down 2.7%, Kospi down 3.1% and the Hang Seng down 2.5%.
There was news late Sunday in the US, that AIG would receive up to $30 Bio in assistance as concerns about the financial sector took grip throughout Asia. All eyes on AIG tonight as it sets to report up to $60 Bio. Dow Futues also down at the moment, -65, as we prepare to strap ourselves in for an open under 7000! Levels we havent seen since last 1997.
Tokyo declines are being led by financial and auto stocks. Mizuho down 3.1%, Mitsucishi UFJ down 4%, Honda down 3.7%.
In Sydney financial and resource stocks led the way lower to 3233, shy of the Nov 2008 low of 3217. Bhp -3.4%, RIO -6.5%. In the Financial sector, Macquarie group continue there slide, down another 9% and QBE down 11% after major brokerage houses cut their price target on the company after it 2008 result. CBA the worst of the top four, down 4.2%. We also saw risk aversion hit the local currency down to 6295, before recovering to 6350. The NZ dollar traded down to 6 year lows of 0.4952.
Korean markets lower, with Hyundai shedding 4%.
