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.