Wall Street closed more than 1.5% lower and there're also big falls across in Europe. 

 

Since uh, when the International Monetary Fund starts talking about a possible correction uh, because some uh, certain share markets around the world have reached uh, frosty or unsustainable levels, investors uh, get the message and start selling.

 

Peter Ryan there. 

 

Now the chairman of Fairfax Media Roger Corbett has announced his intention to stand down. Mr. Corbett says that if he's reelected at the company's annual general meeting, he will step aside some time during his next three-year term.

 

The former Woolworth Chief Executive has been a Fairfax board member for eleven years, and has been chairman for five.

 

And now of those big market falls: 

 

The Dow in fact closed 1.6% lower, shedding 273 points. The Nasdaq and the S&P 500 followed the Dow lower with both indices losing about 1.5% in value. In London, the FTSE lost about 1%. 

 

Checking commodity prices: 

 

West Texas Crude is trading at 89 US dollars a barrel. Gold is worth 1,210 US dollars an ounce. And the Australian Dollar is buying 88 US cents.