Australian Shares in freefall amid fears of a global downturn

By staff writers and wires
January 18, 2008 05:12pm

Australia's share market is now in its tenth consecutive day of negative trading. It comes on the heels of another horror session in Wall Street overnight...

The US outlook is bleak after the country’s major banks have reported multi-billion dollar losses following the sub-prime mortgage crisis.

Al Goldman, at AG Edwards, said the prospect of recession was still the main fear for Wall Street.

"Concerns about a possible recession and its impact on corporate earnings remain the major problems overhanging investor emotions," he said...

"A recession, which we continue to believe is the most likely economic scenario, will have a big negative impact on corporate earnings" ...

Full report - http://www.news.com.au/business/story/0,23636,23071103-462,00.html