Aust stocks open 1.1% lower

Local market opens sharply lower following heavy offshore losses in the US and Europe.

The Australian market opened significantly lower following strong falls on US and European markets on the back of weak eurozone data, the Argentine debt default and disappointing US corporate earnings.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index tumbled 62.1 points, or 1.1%, to 5,570.8 points, while the broader All Ordinaries index fell 62.4 points, or 1.11%, to 5,560.7 points.

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