The Australian market fell hard in early trade for the second day in a row, following selling in offshore markets overnight.
On Wall St, the S&P 500 closed down 0.4%.
The ASX 200 dropped below the 5800 level as the local market headed for another big dip after yesterday’s 1.85% loss.
All ten sectors were weaker.
The major banks led the way down. Westpac had lost 2.25% to $36.56 and the NAB was lighter by 1.9% to $36.75.
Rio Tinto was down 1.04% to $57.11 and Fortescue Metals lost 3.97% to $2.18.