The XJO is currently down 55 points (-1.3%) at 3990.
Most sectors are underwater, with energy and financials the hardest hit, whilst defensive telcos and healthcare are holding up.
In company news, Woodside (WPL) is taking a bath after delivering a disappointing investor update. The stock is down more than 7% on the day.
On the other end of the spectrum, Nexus Energy continues to be a standout, up more than 3% on the day.
Around the region, Asian markets are all trading weaker with the Hang Seng the worst down 1%.