The overnight sell-off in global markets has spread to Australia, with the local share market opening sharply lower.
The benchmark ASX 200 has dropped 2 per cent on opening to 5,926, while the All Ordinaries index has slipped a similar amount to 6,034 points.
Earlier this morning, Wall Street suffered its worst trading day in eight months, with the Dow Jones Industrial Average plunging 832 points to 25,599.
Every S&P 500 sector fell heavily, with big-name technology stocks like Facebook and Apple among the biggest drags on the US market.
The negative sentiment was also reflected in European markets, with Paris, London and Frankfurt ending their sessions firmly in the red.
The Australian dollar was buying 70.65 US cents shortly after 10:00am (AEDT).
More to come.