Aussie stocks follow offshore markets down

Australian stocks retreated at the opening on Friday as an international sell-off gathers pace following disappointing moves by the European Central Bank overnight.

At the 10.15 a.m. (AEDT) official market opening, the benchmark S&P/ASX200 index slumped 89.9 points, or 1.72 percent, at 5137.8, while the broader All Ordinaries index was down 87 points, or 1.65 percent, at 5189.7.

Expectations were shattered when the ECB cut its deposit interest rate less than markets anticipated and extended its bond purchases to March 2017, some had expected it to be open ended, sending European stocks and Wall Street tumbling.

CMC Markets chief analyst Ric Spooner said the Australian market would follow the European and U.S. stocks lower on Friday despite the ECB stimulus package being of only marginal relevance to most local equities.

ANZ fell 2.05 percent, the Commonwealth Bank of Australia is down 1.77 percent, the National Australia Bank lost 1.66 percent and Westpac is down 1.79 percent.

BHP Billiton slid 0.93 percent and rival Rio Tinto slumped 2.02 percent while Woodside Petroleum is 1.79 percent weaker.

Woolworths fell 1.05 percent while Telstra tumbled 2.18 percent. Endit