Australian stocks are getting smashed

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The Australian market has fallen hard as investors following weakening global markets.

In the US, the S&P 500 closed the week down 1.4% with investors fearing an early increase in official interest rates after a good set of jobs numbers.

On the local market, the major banks are all trading weaker, led by Westpac down 0.77% to $37.39.

Among the miners, BHP was down 1.78% to $32.06 and Rio Tinto 2.07% to $59.14.

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