Australian stocks are being battered by a global rout

Fred Marie / Barcroft Images / Barcroft Media via Getty Images

The Australian market dropped hard in early trade.

Global markets are reacting to the Barcelona terror attack with Wall Street’s S&P500 sliding 1.5% overnight. Investors were also worried about instability in Washington after the disbanding of the president’s business councils.

On the local market, the big four banks were leading the slide with the ANZ shedding 2% to $29.75 and Westpac down 1.8% to $32.13.

Among the miners, BHP lost 1.6% to $25.50 and Rio Tinto 1.4% to $62.69.

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