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US stocks closed weaker overnight after the US Commerce Department lowered its estimates of third quarter GDP and consumer spending. US economic growth in the third quarter was revised down to 2.8 per cent, down from an early estimate of 3.5 per cent expansion. Investors also worried Chinese banking regulator's capital-adequacy requirements would force the nation's lenders to tighten bank lending in China.

On Thursday, the Australian sharemarket closed more than four per cent weaker, dropping almost to five-year lows, with losses in all sectors. The benchmark S&P/ASX200 index was down 146.7 points, or 4.19 per cent, at 3,352.9 while the broader All Ordinaries index had shed 150.6 points, or 4.32 per cent, to 3332.6. Analysts predict the bottom is getting closer and lower than 3000 points is possible as market would be dragged down by the US and growing concerns on recession in Australia.