The ASX was a sea of red ink in early trade as the local market got trapped in a global rout.
A short time ago, the ASX200 was at 5,714.10, down 71.93 points or 1.24%.
Local investors followed Wall Street where the S&P500 fell 1.8% overnight on fears that political uncertainty could delay the economic plans of president Donald Trump.
On the ASX, Westpac was down more than 4% to $30.79 and the major bank went ex-dividend. The other banks were down about 1%, including NAB which dropped 1.4% to $30.38.
Macquarie shed 1.6% to $87.32 and AMP 1.7% to $5.08.