It's looking like a bad open for the ASX

Owen Humphreys/PA Images via Getty Images

US stocks crashed again overnight, and the selling is set to extend to Australian markets today.

A short time ago, futures markets were pointing to a drop of a whopping 131 points on the ASX200, for the most actively traded March 2018 contracts.

That means the local market is priced for a fall of more than 3% when markets open at 10am AEDT.

The ASX200 closed yesterday at 5890.7, down more than 4% from the recent high struck in late January.

After edging higher over the last two days, today’s session is shaping up as a repeat of Tuesday’s selloff, when the local index suffered its biggest one-day loss since 2015.

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