Australian shares were crushed in a global market sell off.
- 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.
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