Australian stocks hit 5-year low
Australian stocks followed Wall Street down in early trading Tuesday, giving up 1.9 per cent to levels not seen since 2003, dpa reported.
At the opening bell the ASX 200 lost a whopping 2.5 per cent before bargain-hunters came in to help stocks claw back ground.
After an hour of trading, the ASX 200 was 62 points, or 1.9 per cent, lower at 3,187. The big four banks were particular casualties.
The Australian dollar was at a one-month low of 62.92 US cents.