The Australian market is tanking

The miners and the banks led the Australian market down in early trade, on the back of a lower Wall Street and fears over Greece’s debts.

Nine out of 10 sectors lost value.

Westpac was weaker by 1.76% to $32.97, the ANZ 1.75% to $32.61, the NAB 1.72% to $33.73 and the Commonwealth 1.35% to $83.94.

Among the miners, BHP was down more than 2% to $28.98 and Rio Tinto 1.67% to $57.23.

Wall St closed Friday with the S&P 500 down 0.6%.

The ASX 200 was down 1.63%.

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