Spectators and runners run from what was described as twin explosions that shook the finish line of the Boston Marathon. Source: AP
ALMOST $9 billion has been stripped from the Australian sharemarket this morning as losses continued after US markets were rattled by the Boston blast and news of a China slowdown.
Yesterday almost $15 billion was lost from Australian companies in the worst one day fall in a month on the release of figures showing the Chinese economic resurgence had faltered.
This morning the market was down 0.6 per cent, or 32.9 points, to 4935.
Overnight US stocks suffered their biggest losses for the year as the S&P 500 dropping 2.3 per cent. This was its biggest fall since November.
IG Markets strategist Evan Lucas said it was going to be tough day on the market.
"Brace yourselves today," Mr Lucas.
"The sell-off will be sharp and indiscriminate, loss will be across the board, not even the defensives will escape the flight to safety today."
IG Markets analyst Chris Weston said it would be a "dark day" for the Australian sharemarket today.
"Any kind of terrorist attack is going to take away from sentiment," Mr Weston said.
"Markets hate uncertainty - people sell and they work out what's happened later.
"You just don't know what's going to happen - is it going to result in an escalation or are there other areas in the US that could get hit?"
But Mr Weston said the market was in free-fall even before the bombs, with commodity prices such as gold, silver and copper taking a huge dive.
"We've had a period of soft global data from the US and Chinese data that was quite poor relative to expectations,'' he said.
The major miners that rely on Chinese trade continued to suffer losses.
This morning BHP has fallen another 1.83 per cent after dropping 3.1 per cent yesterday. Rio Tinto is down 1.6 per cent after falling 3.2 per cent yesterday.
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