Local stocks fell hard in late trade.
The ASX 200 was below the key support level of 5300. A short time ago, the index was at 5,272.60, down 50.57 points or 0.95%.
The major banks and the big miners were the main drag.
The NAB was down 2% to $26.21, Rio Tinto had lost 1.8% to $42.97 and Qantas shed 3.2% to $3.00.