Sydney  - Australian stocks took their lead from Wall Street on Monday, tumbling 2.6 per cent in early trade to levels not seen since December 2003.

At the opening bell the ASX 200 lost 90 points, or 2.6 per cent, to 3,253.

The fall mirrored the mayhem in New York, where the last trading session saw stocks retreat to levels not seen since 1997. (dpa)