The Australian market is getting destroyed

Thomas Lohnes/Getty Images

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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at