Whether we are heading into the global financial crisis mark two is not yet clear but the sovereign debt crisis issues in Europe, along with fears of a worsening economic outlook in China, are impacting currencies and commodities prices.
The German government's unexpected move to ban naked short selling only provided more uncertainty on the outlook of Europe and helped trigger a fresh wave of selling.
Closer to PNG, Australia is holding another two dud cards as its resources super-profits tax continues to spook overseas investors, along with the falling Australian dollar.
Assessing the commodities damage, Asia Pacific benchmark Singapore Tapis crude closed at $US76.41 a barrel overnight, 10% down from the week previous.
Copper is a good barometer for base metal prices and the cash official prices on the London Metal Exchange were up 0.53% this morning to $6500 per tonne, down 7% from a week ago.
LME nickel was steady this morning at $21,050/t, also down 7% from the close of the previous week.
Spot gold is trading around $US1169.60 an ounce this morning, down 4% from the close last Friday.
Almost all of the companies on our watchlists are down this week, with the exception of Bougainville Copper.
The company is up on 6.87% for the week and, following a query from the Australian Securities Exchange on its price movements, Bougainville said it did not know of any reason for the sudden interest.
However, if the Bougainville mine ever manages to get up and running again, it has the potential to be a lucrative business and will not be subject to an Australian resources super-profits tax.
Juniors Highlands Pacific and Frontier Resources clocked up falls exceeding 20%.
InterOil almost matched this dive, while Nautilus Minerals slumped 15%.