Markets reacted with alarm to Socialist candidate Francois Hollande's victory in France's presidential election. Picture: File
Shares lose a drastic $27 billion on Budget eve
Market wipes off 2.15 per cent on Greece concerns
Drops reflect "revision downward of global growth"
More: Closing stocks and CBA slashes 100 jobs
THE Australian share market has taken a beating, after renewed concerns over the euro zone and disappointing jobs data in the United States sent spooked investors running for the exits.
At 4.15pm AEST on Monday, the benchmark S&P/ASX200 index had lost 94.7 points, or 2.15 per cent, at 4301.3 points, while the broader All Ordinaries index had fallen 97.8 points, or 2.19 per cent, to 4361.6 points.
On the ASX 24, the June share price index futures contract was 103 points weaker at 4288 points, with 38,371 contracts traded, according to preliminary figures.
On Friday on Wall Street, the Dow Jones Industrial Average shed 168.32 points, or 1.27 per cent, to 13,038.27 points after the release of disappointing jobs data for April.
Also, results from the French and Greek elections over the weekend fuelled investor concerns over the euro zone debt crisis.
Markets reacted with alarm to Socialist candidate Francois Hollande's victory in France's presidential election and the routing of Greece's two-party coalition, which had imposed harsh austerity measures in return for an international bailout.
CMC Markets chief markets strategist Michael McCarthy said the developments in France and especially Greece, plus the lower-than-expected number of new jobs in the US had created "an ugly confluence".
"The biggest concern for the market is Greece," he said.
"While it remains insignificant economically, the potential for them to reject the required reforms seems to be high.
"If that's the case, the damage here is political - there's a chance that they will have to exit the euro, and if that happens, it's very bad news.
"Overall, it's a revision downward of global growth."
Mr McCarthy said some encouraging Australian retail and residential building figures for March, which were released on Monday, had not been enough to generate any optimism among investors.
On the local market, explosives supplier Orica was down 14 cents at $26.40, after chemical leaks at its ammonia plant near Newcastle in NSW contributed to a four per cent drop in the company's first half net profit.
Construction firm Leighton descended 71 cents to $19.25 after it said the completion date for Brisbane's Airport Link toll road had been pushed back by almost two months.
Global miner BHP Billiton was $1.46 lower at $34.57, and Rio Tinto dropped $2.91 to $62.00.
Whitehaven Coal was 31 cents weaker at $4.60 after it launched a $172 million offer for NSW coal explorer Coalworks. Coalworks was 14 cents higher at 99.5 cents.
Among the major banks, Commonwealth Bank retreated 56 cents to $52.06, ANZ was cents 34 cents lower at $23.10, National Australia Bank dumped 43 cents at $24.71, and Westpac reversed 19 cents to $22.72.
Building products supplier Alesco firmed six cents to $2.10 as it urged its shareholders to take no action on a $188 million takeover offer from DuluxGroup until it has further details of the offer.