The Australian sharemarket has started the week in the red, with declines across the board.

The S&P/ASX 200 was 50.5 points, or 0.6 per cent lower, to 8814.5 in early trade, with all 11 industry sectors in negative territory.

The ASX has started the week in the red. Credit: Oscar Colman

Financial stocks are weaker, with big four banks Commonwealth Bank (down 0.9 per cent), Westpac (down 0.1 per cent ) and NAB (down 0.1 per cent) all losing ground. ANZ (down 0.3 per cent) also declined after it was revealed it had agreed to pay a $240 million penalty to settle four legal cases from the Australian Securities and Investments Commission, admitting to unconscionable conduct relating to a bond trading scandal, incorrect reporting of trading data and failures in how it dealt with borrowe

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