The XJO is down approximately 85 points (-2%), with materials and industrials the hardest hit.
The major miners are suffering heavy falls, with BHP off close to 3%, Rio down 4% and Fortescue slumping 9% after outperforming recently.
In company news, Qantas shares have been hit hard after announcing that the cost of the Engineer’s Union claim is $165 million.
The market has punished Qantas, sending the stock more than 5% lower.
Around the region, Asian markets are all trading lower; the Hang Seng is down 3% whilst the Nikkei is off 1.5%.