The Australian market fell hard on opening, following Wall Street like a rock to close down for the third day in a row.
The S&P/ASX 200 quickly fell 1.37% to 5,211.50 on opening, after the US S&P500 lost 1.5% overnight.
The miners were down with BHP slipping 1.2% to $32.84, Rio Tinto 1.63% to $59.09 and Fortescue 1.16% to $3.40.
Liquefied Natural Gas Limited was down 5.45% to $3.12.
Most of the banks were weaker by about 0.5%, with the Commonwealth down 0.99% to $75.02 and the NAB losing 0.71% to $32.15.
Ric Spooner, Chief Market Analyst at CMC Markets, says the downward momentum in international markets creates its own imperatives.
The market later recovered some lost ground but was still down 0.81% on the day to close at 5,241.30. The ASX has lost 1.5% so far this week.
Elsewhere in the region, Japan’s Nikkei 225 was down 0.97% to 15,631.50.
The IMF’s downgrade to economic forecasts added to the gloom in the market.