$50 billion wiped off Australian shares as selling resumes

Australian stocks are tumbling amid a global share market rout.

Taking the lead from sell-offs on the Dow, S&P and Nasdaq last week, which finished 5.82%, 5.79% and 6.77% down respectively for the week to Friday, the ASX opened sharply lower on Monday.

In the first few minutes of trade the market slumped more than 2%, the lowest level since February 2014.

The ASX fell further after Chinese stocks got hammered on the open, falling more than 2.8% to 5,068.3 before lunch.

The Australian market has lost more than 11.5% in value so far in August, the biggest monthly fall since the GFC.

All 10 sectors opened in the red on Monday morning. The major banks lost more than 2% in the first few minutes and continued to fall.

A short time ago, Westpac had lost 4.4% to $29.97 and the ANZ 3.39% to $27.38.

Among the resources stocks, BHP was down more than 4% to $23.11 and Rio Tinto 4.5% to $47.28. Energy stocks had lost 5%, with Woodside down more than 4% to $30.20.

Fortescue was down more than 12% to $1.67 after posting a worse than expect full year profit, down 88%.

One of the few stocks to rise was Bluescope Steel which posted its best financial results since the GFC. It was up more than 8% to $3.66.
Here’s the chart.

We’ll have updates throughout the day.

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