From The Sydney Morning Hearld:
Australian shares gave up another $35 billion in value as jitters over the state of the global economy sank stocks for a fifth consecutive day.
The benchmark S&P/ASX200 Index closed below the 4000-point level for the first time since July 16, 2009, ending the day down 119.3 points, or 2.9 per cent, at 3986.1. The broader All Ordinaries Index fell 113 points, or 2.7 per cent, to 4056.7.
The losses add to the $100 billion that was shed last week, with today's drop attributed in part to the decision by Standard & Poor's to cut the rating of US debt from its top level for the first time.
All the key sub-indexes fell, with materials diving 3.6 per cent, financials off 2.8 per cent and energy stocks losing 2.5 per cent.
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Other markets around the region also sank, with Japan's Nikkei 225 off 2.2 per cent, Hong Kong's Hang Seng losing 3.2 per cent and mainland Chinese bourses off between 3 per cent and 4 per cent.
Gold, meanwhile, rose to its latest record level in US-dollar terms, jumping to $US1715 in afternoon trade as investors scrambled for havens. The rally, though, did not buoy local gold miners with the ASX's gold sub-index off 1.7 per cent for the day.
The Australian dollar lost more ground, trading near four-month lows against the yen, euro and British pound, and sinking to just over $US1.03.
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