Pacific markets take downward turn
Pacific stock markets are down sharply in early trading following big losses on Wall Street amid growing fears of another global recession.
In early trading today, Australia's S&P/ASX 200 index was down 66 points, or 1.7%, at 3,899.
The Australian dollar also tumbled below parity with the US dollar and is trading at its lowest level in about eight months as investors seek safe havens.
New Zealand's NZX 50 index was down 58 points, or 1.8%, at 3,254. Financial markets in Japan are closed today for a national holiday.
In New York yesterday, the Dow Jones industrial average lost 391 points and at one point was down more than 500.
