Australian stocks down 2.58% at the open
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Australian stocks slumped 2.58 percent at the open Tuesday as they followed the lead of Wall Street which endured a brutal session with one of its steepest ever one-day point drops.
At 10:12am (2312 GMT Monday), the benchmark S&P/ASX 200 was down 155.7 points at 5,870.5, falling below the 6,000 point mark, which it breached last November for the first time in almost a decade.
Australia is entering its company reporting season and CMC Markets chief analyst Ric Spooner said this could help soften the blow if the current sell-off extends over coming weeks.
"The upcoming profit-reporting season could help the local market fall less than the US if the current sell-off extends," he said in a note.
