Australian stocks are getting hammered, following global markets down on a steep slide.
Wall Street took a big hit in overnight trade, its biggest losses in two months, with the S&P 500 closing down 1.7%.
On the local market, the ASX 200 quickly fell by almost 1% and continued to fall.
Resources stocks are down 3.4% across the board.
The world’s biggest miner was down more than 5% to $30.27. BHP is one of about 25 stocks to go ex-dividend today.
The major banks were all weaker, led by the ANZ, down more than 1% to $34.93.
Evan Lucas of IG says US stocks were smashed as the risk around the strengthening USD hit fundamental values.
“Profit growth in the USD looks set to take a severe hit on FX headwinds,” he says.