Australian stocks are getting crushed

Australia’s Greg Jeloudev in action during the Australia vs United States HSBC Sevens World Series match at the Hong Kong International Stadium. Aitor Alcalde/Getty Images

The Australian market fell more than 1% on opening following weaker iron ore and oil prices.

Wall Street ended the week on a positive note with the S&P 500 up 0.2%.

But on the Australian market, the week started with energy stocks, the big miners and the major banks all in the red.

Iron ore fell about 4% to a new six-year low as a weaker China’s property market dragged down sentiment.

The big miners were all weaker, including BHP which was down 1.76% to $30.21, Rio Tinto 1.42% to $55.75 and Fortescue Metals 2.75% to $1.945.

The banks all lost ground, led by the Commonwealth, down 0.86% to $93.53.

The energy sector lost more than 3% across the board, with Woodside Petroleum down 2.2% to $34.27 and Origin Energy down 3.2% to $11.33.

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