The Australian sharemarket has lost $41 billion in its opening trade this morning.
At 10:30 this morning the ASX had fallen by about 2.8%. The Australian dollar against the US dollar is now down to $.69.
Gold and the mining sector have both taken a massive hit on the market. Gold has lost 2.6% well the mining sector has lost 5 to 6%. BHP Billiton down 6 per cent and Rio Tinto skidding 4.5 per cent.
Oil has dropped around about 3.1% with the opening trade as well.
Most of the major banks in Australia have also fallen by about 2%.
Today’s 2.8% on the ASX was sparked by large overnight losses in commodity trader Glencore. The company lost nearly 30 per cent due to concerns over its debt.