Australian shares are sliding

Corey Parker of the Broncos is tackled during the round 14 NRL match between the Brisbane Broncos and the Canberra Raiders in Brisbane. Bradley Kanaris/Getty Images

The local market is slipping on the final session of the week.

In early trade, the ASX 200 dropped 1% to 5,308.20.

Wall Street was weaker overnight with the banks sold down.

On the local market, the major banks and all the big miners led the falls.

Westpac dropped below $30 a share and was trading at $29.865, down 1.5%.

BHP had lost 3.8% to $18.86.

LNG, which doubled in value over the last week on rumours of a takeover, dropped 18% to $0.88.

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