Australian shares slide 2.8%
The benchmark S&P/ASX200 index fell 127.8 points, or 2.8 per cent, at 4493.8. The All Ordinaries index lost 111.6 points, or 2.4 per cent, at 4532.5.
The market did bounce off lows of the day, but not by a wide margin - the All Ordinaries index low point was 4508.3.
Banking, mining and energy sectors felt the brunt, although bargain hunters pulled the banks off low points for the day.
Resources companies were lower after commodity prices fell overnight.
BHP Billiton had dropped $1.44, or 3.5 per cent, to $39.55 and Rio Tinto was hammered $3.52, or 5.0 per cent, to $66.60.
National Australia Bank was down $0.56 at $25.31, Commonwealth Bank lost $0.28 to $52.67, ANZ fell $0.52 at $20.90 and Westpac was $0.52 lower at $22.61.
Retailers fared better, Woolworths was down 10 cents at $25.67 and Harvey Norman fell 10 cents to $2.68.
Oil companies fared poorly, Woodside Petroleum fell $1.68 at $41.52 and Santos had slumped $0.56 to $13.20.
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