After some early resistance the Aussie market has collapsed during the morning session, with the XJO now down more than 100 points (-2.7%).

Every sector bar the telcos are underwater, with materials, energy and financials plays bearing the brunt of the selling.

In company news, Nexus is down 36% so far today with investors dumping the stock on news that the Managing Director has resigned.

Elsewhere, Foster's is one of the few bright spots today with the stock trading up close to 8% after accepting the latest SABMiller takeover offer.

Around the region, Asian markets are taking a beating; the Hang Seng is down more than 4% whilst the Nikkei is down 1.6%.