Banks smacked again as the ASX200 drops below 5700

iStock

Australian shares were hit again, led by falls in the major banks and financial stocks.

At the close, the ASX200 was below the key 5700 point level at 5,667.50, down 87.37 points or 1.52%.

Westpac was down 1.3% to $29.55, the NAB 1.6% to $29.27, the ANZ 1.6% to $27.36 and the Commonwealth 1.4% to $78.15.

Macquarie shed 2.2% to $86.18 and the AMP 1.5% to $5.00.

Wall Street closed slightly lower overnight with the S&P500 down 0.1%.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.