The benchmark ASX 200 was down 126 points to 4,220 and the All Ordinaries Index was off 122 points to 4,285 at 10:45am (AEDT).
The benchmark ASX 200 was down 126 points to 4,220 and the All Ordinaries Index was off 122 points to 4,285 at 10:45am (AEDT).

Stock market gutted over Euro fears

AUSTRALIAN shares dived nearly 3 per cent this morning after fresh fears about the stability of Italy and Greece deepened the eurozone debt crisis overnight.

A spike in Italian bond yields was the catalyst for heavy selling on Wall Street and European markets overnight, and the local market has followed suit.

GREECE: Default looms as Papanderou leaves Greece in the lurch

ITALY: Berlusconi's pledge does nothing to placate markets

The benchmark ASX 200 was down 126 points to 4,220 and the All Ordinaries Index was off 122 points to 4,285 at 10:45am (AEDT).

Banking stocks have been hardest hit, and the fact that ANZ and NAB are trading without their dividends is not helping.

ANZ was down 5.5 per cent to $20.57, NAB was down 5.4 per cent to $24.40, Westpac has lost 3 per cent to $20.90 and Commonwealth Bank was 2.3 per cent lower at $48.80.

Read more at abc.com.au/news



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