Big four banks suffer losses in early trade as Australian share market slides

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DEVELOPING: It took just 15 minutes for the Australian stock market to be savaged. With as much as $22 billion wiped off by nervous traders.

The benchmark S&P/ASX200 index was down 65.2 points, or 1.05 per cent, to 6130.0 points at 1030 AEDT today, while the broader All Ordinaries was down 66.1 points, or 1.05 per cent, at 6214.8.The sell-off led to $22 billion dollars wiped from the boards, led by the banks and miners.

Oil prices and industrial metals are also subdued, with the local energy and mining sectors among the hardest hit at the open. South32, BlueScope Steel, and Fortescue Metals were also deep in the red, with only the gold miners providing lustre amid the volatility.

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