The Aussie market is taking its lumps today, with the XJO currently trading more than 2% lower.

The selloff is widespread, with every sector suffering the brunt of investor ire.

The consumer discretionary and energy sectors are hardest hit, whilst the telcos and utilities are the best of the worst.

In company news, Billabong has been wiped out following the release of what have been described as 'really poor results'. The stock has been down as much as 25%.

Around the region, Asian market are all trading sharply lower; the Hang Seng is down 2.4%, whilst the Nikkei is down 2.2%.