MW: Australian shares drop sharply in early trading
By Sarah Turner
SYDNEY (MarketWatch) -- Australian shares fell sharply in early trading on Friday, with the S&P/ASX 200 index AU:XJO -3.30% down 2.7% at 4,135.20. Energy, consumer-related stocks and banks were among the worst performers after sharp losses Thursday for European and U.S. stocks amid worries about the global economy and the European banking sector. Earnings were also playing a role, with Australia & New Zealand Banking Group Ltd. AU:ANZ -4.41% down 4.2% and Billabong International Ltd. AU:BBG -25.34% down 20.9% after updating investors.
