The Aussie market had a horror finish to the trading week, with stocks sinking on fears over the health of the US economy and the European banking system.

The energy sector led the declines following last night's sell-off in oil; Santos slumped more than 5% despite its underlying result beating estimates.

Mining companies were smashed amid concerns over the outlook for commodity demand; BHP fell 4.1% and Rio Tinto sank 5.3%.

ANZ was the worst performer among the big four (-4.5%) after its quarterly result disappointed the market.

Elsewhere in the financial sector, QBE gave up 5.6% after downgrading its full-year guidance.

Retailers weren't spared from the rout, with Billabong crashing more than 26% after reporting a fall in full-year profit.

The ASX 200 tumbled 149 points (-3.5%), settling at 4102.

Today's losses saw the market give up 1.7% for the week.