All four of Australia’s big banks are leading the market down, with the ASX200 falling 1.81% by early-afternoon trade.
Each of the four big banks were hit more than 2%, with the worst loss suffered by Westpac which was down 3.8% at 12:44 PM.
Miners were better but still down, BHP by 0.95% and Rio by 1.7%.
Losses are being felt across the board.
“It is looking a bit sad today,” RBS Morgans private client adviser Bill Bishop told AAP.
“The financials have taken the brunt of it.”