The Australian dollar has fallen to its lowest level in seven weeks as concerns about China's economic growth and Europe's debt crisis drag sentiment lower.
US equity markets have tanked as a poor German government debt auction fuelled fears over Europe's fiscal crisis and weak growth in the eurozone, a major US trading partner.
The Australian dollar has continued its downward trend following a report that France and Belgium were restarting talks on the bailout of Brussels-based bank Dexia.
The International Monetary Fund has announced a new lending facility aimed at helping "bystander" countries protect themselves from contagion during financial crises.
US stock markets traded choppily on Tuesday, with the Dow Jones Industrial Average squeezed by a sharp downward revision to US growth figures and lingering political concerns in Washington and Euro
Financially beleaguered BlueScope Steel has embarked on a deeply discounted $600 million capital raising to tackle debt and try and turn around its fortunes.
Australian shares closed weaker for the second day in a row but were relatively better performers than US and European bourses, which sold off on renewed sovereign debt concerns.
Developing East Asian countries should bring in deep reforms to offset threats from global slowing and regional natural disasters, the World Bank says.
The Australian dollar has fallen to its lowest level in six weeks as ongoing debt problems in the US and Europe dampen risk sentiment on global markets.
US equity markets have been rattled by news that Congress has failed to reach a deal to cut the country's massive budget deficit and to extend stimulus measures into next year.
The Australian dollar fell to its lowest level in almost six weeks as the failure of US budget negotiations added to already negative market sentiment.
Prime Minister Julia Gillard says her travels to various parts of the globe in recent weeks have uncovered a common thread of concern amongst world leaders about Europe, and highlighted the merits
The Australian share market closed marginally lower as wary investors held fire ahead of a Wednesday deadline for a long-term solution to the US debt crisis.
Gold tracked equity markets to end slightly higher on Friday, even though persistent euro zone debt worries and margin liquidation from other markets sent bullion to its largest weekly loss since S
The Australian share market closed slightly higher as investors shrugged off significant falls on overseas markets and focused on domestic corporate news.
The Reserve Bank of Australia is focusing more on managing risk, given the financial volatility seen over the past few years, its governor, Glenn Stevens, said.