Unsurprisingly, the Aussie market is getting trounced so far today.

The local bears have dug their claws right into the market, dragging it 75 points (-1.5%) lower, to 5112.

No corner of the market has been spared the carnage, with materials, healthcare and consumer discretionary stocks the worst in show.

While offshore leads are sending the local market south, investors are no doubt looking towards today's all-important RBA cash rate announcement.

The RBA is widely-tipped to keep the cash rate on hold at a record low 2.5% when it meets for the first time this year.

Around the region, Asian markets have not been spared the carnage; the Hang Seng has tumbled 2.2% whilst the Nikkei has slumped 2.3%.

Midday Market Update: Aussie Trounced is a post from: Australian Stock Report Market Pulse Blog