Australian stocks are tanking

The Australian market fell hard, led by sliding financial stocks and the major banks on the back of weaker global markets.

The big fall was the ANZ bank, which is in the middle of a $3 billion capital raising. It dropped a massive 7% in a few minutes to be trading at $30.26.

Westpac was down 2.99% to $32.44, the Commonwealth 2.38% to $82.54 and the NAB 2.14% to $32.87.

The miners also lost ground, with BHP down 2.02% to $26.152 and Fortescue 1.57% to $1.88.

Orica was being hammered after it lowered its profit outlook and announced write downs of up to $1.65 billion. The explosives group was down 15% to $15.98.

On Wall St, the S&P 500 closed down 0.8%. On the local market, all ten sectors were in the red with financial stocks as a group down 2.2%.

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