Australian stocks are sinking

David McNew/Getty Images

Australian shares slumped, wiping out the gains of last week.

The ASX 200 index dropped below the key 5700 point mark. A short time ago the index was at 5,654.60, down 59.39 points or 1.04%.

Wall Street closed down at the end of the week with the S&P500 slipping 0.1% after weaker than expected economic growth numbers.

On the ASX, all sectors were in the red with the major banks and the big miners leading the way down.

Westpac shed almost 1.4% to $31.90 and the Commonwealth 1.2% to $81.97.

BHP fell 1.2% to $27.18. Fortescue Metals slipped 2% to $6.48.

Aconex was getting crushed after the construction industry software provider announced a profit downgrade. Its shares were down 39% to $3.45.

Most markets were closed in Asia. In Japan, the Nikkei 225 was down almost 0.8%.

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