UPDATE 7.55am: Australian stocks are more than one per cent lower as weakness in the finance and resources-linked sectors lead broad-based declines.
At 7.27am, the benchmark S&P/ASX200 index was down 55.9 points, or 1.24 per cent, at 4460.6 points, while the broader All Ordinaries index had fallen 55 points, or 1.21 per cent, to 4479.2 points.
On the ASX 24, the December share price index futures contract was 42 points lower at 4,454 points, on volume of 8,424 contracts.
Local market players took their cue from a poor night on offshore markets, with Wall Street posting its largest daily fall in almost a year in a post-US presidential election selloff.
The Dow fell 2.36 per cent to a three-month low, the S&P500 declined 2.37 per cent and the NASDAQ slid 2.48 per cent.
Locally, metals and minerals stocks were the worst-performing sector at the open, falling 1.77 per cent, according to IRESS data.
Australia's two big market sectors, materials and financials, were down 1.71 per cent and 1.3 per cent, respectively.
ANZ was down $1.10, or 4.31 per cent, at $24.41 as the stock started trading without a dividend.
Lonsec private client adviser Michael Heffernan said it was no surprise the local market had fallen.
“It's a monthy that when overseas markets are down by two per cent we are going to be down no matter what,” Mr Heffernan said.
“The fact that we are down one per cent is probably not a bad effort.”
Mr Heffernan said he believed overseas markets had over-reacted to the US election result, in which President Barack Obama won a second term and the Republicans retained control the House of Representatives.
“I think you will probably see a bounce back in overseas markets tonight when they open,” Mr Heffernan said.
Still to come, the Australian Bureau of Statistics is due to publish employment figures for October at 8.30am.
Market consensus is for the economy to have added 5000 jobs in the month.
The spot price of gold in Sydney was $US1717.00 per fine ounce, down $US6.95 from yesterday's local close of $US1723.95 per ounce.
National turnover was 325 million securities worth $706 million, with 109 stocks trading up, 484 down and 237 unchanged.