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Australian shares were crushed in a global market sell off.

Today’s scoreboard:

  • S&P ASX 200: 5,219.60 -119.58 -2.24%
  • All Ordinaries: 5,319.10 -121.35 -2.23%
  • AUD/USD: 0.7532 -0.0009 -0.12%

The local market had its worst day since the UK voted in June to leave the European Union.

The ASX 200 is now down 1.44% this calendar year.

Investors followed Wall Street where the S&P 500 closed down 2.5% on Friday on fears about the future of interest rates in the US.

The contagion also spread to the markets in Asia. Stocks, commodities, bonds and higher-yielding currencies are all under the pump.

On the local market, the ASX 200 fell below the key 5300 point mark. This will be the fifth week in a row that the index has lost ground.

All ten sectors were in the red, with the major banks and the big miners leading the slide, as more than $40 billion in value was wiped from the market.

BHP was down 4% to $19.94, Woodside Petroleum 2.6% to $27.57 and Fortescue Metals 5% to $4.70.

Financial stocks weighed heavily on the market.

At one stage the Commonwealth Bank was below $70 a share, its lowest for three years. It regained some ground to close at $70.22, down 0.9%.

The NAB was down 2.5% to $26.60, the ANZ bank 2.1% to $26.19, Macquarie Bank had lost 2.6% to $77.40 and AMP 2% to $5.27.

The top stories:

1. Volatility. Here’s exactly how Friday’s big US market sell-off could trigger further falls ahead. Also read: Parts of the stock market are no-go areas right now.

2. Fintech consolidation. Digital retail finance and payment industry player zipMoney has bought personal finance management app maker Pocketbook. zipMoney shares closed 3.5% higher at $0.72.

3. The quest for a better drone. Why drone makers are suddenly focused on payloads.

4. The housing game. Australian auction clearance rates remain firm, and not just in Sydney and Melbourne

5. Decoding the jargon. 10 market words and phrases anyone trading shares should understand.

6. Politics. The Australian Senate ran out of things to do today.

7. Is it worth it? A Gold Coast man bought six Powerwall batteries to create a Tesla power station at home.

8. PODCAST: 25 years of growth, some warning lights, the JGB sell-off, restaurants and more.