The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down sharply following leads from international markets overnight.

Yesterday, further weak manufacturing data from China spooked investors, sending share markets into a nosedive, starting with China’s CSI300 index.

After falling 7% on its first day of trading for 2016, the local share market was frozen by the Chinese government, echoing the events of 2015.

European and UK shares were also walloped, falling 2.8% and 2.4%, respectively, after they too reacted to poor economic data from the UK and Germany. In the US, a 1.6% selloff in the Dow Jones set the pace for a tough day of trading on the ASX.

Leading the ASX 200 lower are shares in the major banks, Commonwealth Bank of Australia (ASX: CBA) (down 1.1%) and Australia and New Zealand Banking Group (ASX: ANZ) (down 1.2%).

The A2 MILK FPO NZ (ASX: A2M) and Bellamy’s Australia Ltd (ASX: BAL) share prices are also coming off the boil today, with both dairy companies falling more than 4%. And despite tensions building in major oil-producing nations of the Middle East, shares of Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) are down 2% and 1.8%, respectively.

Retailers JB Hi-Fi Limited (ASX: JBH) and Breville Group Ltd (ASX: BRG) are among today’s best performers, despite rival Dick Smith Holdings Ltd (ASX: DSH) going into administration this morning.

Will the market CRASH in 2016?

With the ASX flirting with 5,000, some experts are predicting a market crash. Discover our Foolish experts' advice on what YOU should do in the event of a crisis -- simply click here for your FREE copy of our newly updated report, "What to Do When the Sharemarket Crashes". Click here, it's FREE!No credit card details or payment required.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool writer/analyst Owen Raszkiewicz has no position in any stocks mentioned.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia owns shares of Bellamy's Australia. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.