The ASX 200 has slumped approximately 63 points (-1.5%) to be currently trading around 4190.
Resource stocks have been the biggest drag on the market amid slumping commodity prices. Financials are also struggling on the back of Moody’s eurozone credit rating threat.
Local sentiment failed to lift despite data showing a slight improvement in Australian business conditions during November.
Asian markets haven’t escaped the global sell-off, with the Nikkei and Hang Seng down more than 1% each.