Banks hit hard as Australian stocks tumble

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The ASX200 is down more than 1% in early trade following a weak lead from global markets.

A short time ago, the local index was down 1.21% with bank stocks leading the falls.

The ASX200 Financials Index was down more than 1.3%. All big four banks were more than 1% lower, with ANZ the worst of the bunch down 1.7%.

Regional banks were even harder hit, with Bank of Queensland and Bendigo & Adelaide Bank both down more than 2%. Macquarie Bank was also more than 2% lower in early trade.

The big miners were resilient in early trade, with Rio trading flat while BHP was up by 0.3%.

Direct iron ore play Fortescue was down 3.2%, after falls in spot prices for benchmark iron ore last night took total losses to almost 5% in July.

Coca-Cola Amatil has crashed by another 4.9% in early trade, following heavy losses yesterday after the decision by Woolworths not to stock a new low-sugar version of Coke.

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