Australian stocks are sharply lower

Australia’s Jack Miller during the MotoGP Tests in Qatar. Mirco Lazzari gp/Getty Images

The Australian market opened the week lower as further falls in iron ore and oil prices dragged resources stocks down.

Local investors also have one eye on the US, where the Federal Reserve will meet later this week to decide whether or not to lift interest rates.

On Wall St, the S&P 500 closed down 0.6% on Friday, while the ASX 200 closed down 1.4% last week.

That momentum is continuing in Australia today, with eight out of 10 sectors trading lower.

Woodside Petroleum has lost 2.49% to $33.73, Origin Energy is weaker by 1.74% to $11.300 and Santos is down 2% to $6.965.

BHP is down by 1.45% to $29.33.

Westpac was weaker by 0.61% to $37.57, ANZ 0.49% to $35.265 and the Commonwealth 0.31% to $91.04. The NAB was slightly stronger, up 0.19% to $37.81.

CSL, which went ex-dividend, was down 0.79% to $91.94.

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