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ASX hit by epic sell-off

Australian stocks are on track for their worst day in more than two years following a record points drop for the Dow Jones Industrial Average.

Trader Kevin Walsh works on the floor of the New York Stock Exchange.

Dow plunges 1175 points

The Dow fell 4.6% on the day, punctuated by a frenetic last hour of trade. ASX futures down 139 points.

Doubt cast over Fed's rate hikes

Traders are signalling that the abrupt pullback in high-flying risk assets is likely to weigh on interest-rate policy as Federal Reserve chair Jerome Powell takes the helm.

Opinion

Nicolle Flint during question time in Parliament House in Canberra on Monday.

Lib MP growls at BEAR

Up-and-coming Liberal MP Nicolle Flint has described as "bank bashing" a new regulatory regime about to be imposed on banking executives.

Personal Finance

UBS analyst Jonathan Mott is concerned about mortgage underwriting standards.

How to clamp down on liar loans

Pay slips are insufficient and borrowers should provide tax file numbers so banks can verify household income, says UBS's banking analyst.