Sharp falls expected for Aussie shares

Tuesday Jan 22 08:00 AEDT
By ninemsn staffwith wires

... fears over a global recession and forced selling in the market today could wipe out all of 2007's gains on the ASX.

Global warnings

International Monetary Fund head Dominique Strauss-Kahn warned Monday that the global economic situation in the wake of a US slowdown was "serious" and could impact the world's emerging economies.

"The situation is serious... all the world's countries are suffering from the slowdown in growth in the United States, at least all developed countries," Strauss-Kahn told reporters after talks with French President Nicolas Sarkozy.

http://news.ninemsn.com.au/article.aspx?id=369549

Stock markets plunge worldwide
By TOBY ANDERSON, AP Business Writer

http://news.yahoo.com/s/ap/20080121/ap_on_bi_ge/world_markets;_ylt=AvzNvffF1_lM1Ds5USl8Swes0NUE