The benchmark S&P/ASX200 index was down 65.2 points, or 1.05 per cent, to 6130.0 points at 1030 AEDT today, while the broader All Ordinaries was down 66.1 points, or 1.05 per cent, at 6214.8.
The Australian Financial Review reports the S&P/ASX 200 Index dropped 60.7 points within the first 15 minutes of trade.
The sell-off has seen $22 billion dollars wiped from the boards, led by the banks and miners.
The fall comes after London’s FTSE, Germany’s DAX and the three US indices all dropped at least 1.5 per cent on Friday following weaker-than-expected manufacturing and services data.
Oil prices and industrial metals are also subdued, with the local energy and mining sectors among the hardest hit at the open.
Shares in resources giant BHP dropped by 69 cents, or 1.83 per cent, to $36.92, while Rio Tinto’s price was down $1.50, or 1.59 per cent, to $92.67.
South32, BlueScope Steel, and Fortescue Metals were also deep in the red, with only the gold miners providing lustre amid the volatility.
For energy shares, Woodside Petroleum and Origin Energy each lost more than 2 per cent, while Beach Energy was down 4.65 per cent to $2.05.
Shares in big four lender Westpac were down 1.55 per cent, or 41 cents, to $26.10 after the bank flagged another $260 million would be set aside for customer remediation.
Commonwealth Bank dropped by 1.43 per cent, or $1.02, to $70.41, while ANZ fell 2.04 per cent, or 41 cents, to $25.98, and NAB was 1.32 per cent, or 33 cents, lower at $24.76.
Healthcare giant CSL was also subdued, the company shedding 0.77 per cent, or $1.52, to $195.67.
The Aussie dollar is lower, buying 70.75 US cents from 71.08 US cents on Friday.