Stocks sink on China slowdown

Australian stocks began the session on a weak note but collapsed under the weight of further bad news on China's economy

The Australian stock market extended losses to almost 1.8 per cent at noon on a rout in banking stocks after the release of more official data pointing to a slowdown in Chinese growth coupled with a negative lead from Wall Street. 

At 1205 AEST, the benchmark S&P/ASX200 index tumbled 1.76 per cent to 4,718 points, while the broader All Ordinaries index lost 1.65 per cent to 4,696.6 points.

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