The Australian market looks set to take a beating

Ryan Pierse/Getty Images

It’s shaping up as a rough session on the ASX200 with futures markets pointing to a sharp fall at the open in the wake of a 4.1% plunge in US stocks overnight.

Only two stocks in the S&P500 finished higher for the day as the index had its worst one-day fall since 2011.

A short time ago, ASX200 futures positions on the most actively-traded March 2018 contracts were down by almost 3%:

It’s looking even uglier in Japan, with Nikkei futures down by around 8% at 8:30am AEDT this morning.

While a sharp correction looks to be in store for most ASX200, there may be a ray of light for the big miners as iron ore prices posted solid gains for the second straight session overnight.

Trade on the ASX200 will commence this morning at 10am AEDT.

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