Australian stocks are tanking for the second day in row

Joseph Huard of Canada balances on a 90 metre highline between cliffs at Corroboree Walls in the Blue Mountains. Cameron Spencer/Getty Images

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.

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