Market Report Asia Stocks Nosedive

WONG:
And now to the market report Upheaval on Wall Street hammered shares across the region on Tuesday. Investors digested the news of Lehman Brothers filing for bankruptcy and Bank of America buying Merrill Lynch.

Martin Hennecke advises private clients for Tyche and says...

[Marten Hennecke, Tyche]:
"Definitely there's huge investor uncertainty. I mean for once the markets have been hammered, even commodities have been dropping back while everyone thought that was the safe inflation hedge. So now the mood is people kind of like cash."

Financial shares were among the hardest hit with some Japanese lenders falling more than 10 percent. In Hong Kong, shares in Asia's largest oil firm PetroChina also fell sharply.

Investors ditched oil with the commodity now viewed as a risky asset. The dollar also came under severe pressure with the Japanese yen and high grade debt seen as providing security in the financial storm. For Asia, the knock on effect of a U.S. led credit crisis is likely to be felt by exporters such Samsung electronics. They sell the bulk of their products abroad. And thats the market report for today Tuesday Sep 16th.

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