On the back of the horrible leads provided by international markets last night, the XJO is currently 30 points (-0.7%) underwater, at 4260.
The losses are widespread, with all but two sectors in the red.
Defensive healthcare and consumer staples issues are holding up, whilst IT, energy and industrials are the hardest hit.
In economic news, consumer sentiment has fallen to its lowest level in eight months.
The Westpac/Melbourne Institute Consumer Sentiment Index fell by 1.6% to 94.5 index points in April, from 96.1 points in March.
In company news, Asciano is down 1.1%, after announcing that it has been unable to reach an agreement with the Maritime Union of Australia over a new workplace agreement for container terminal employees.
Around the region, Asian markets are mainly weaker; the Hang Seng is down 1.3% whilst the Nikkei is off 1%.