The share market is in danger of suffering its largest fall in 15 months due to renewed concerns about global economic growth.

The S&P/ASX 200 index was down 1.8 per cent around noon, which if sustained will be its largest daily drop since July 2013.

Global growth concerns have worsened due to weak data from Germany, Europe’s largest economy, said Peter Esho, managing partner at wealth manager 100 Doors.

“Today’s close is going to be very important,” he said.

“We’re either going to bounce back like we have done in past weeks, or we’ll finish quite weak. If that occurs I think it’ll continue to grind lower.”

Wall Street dropped by about two per cent overnight, after Germany’s leading economic institutes slashed their forecasts for growth this year and next.

The local share market was vulnerable because of its reliance on the big four banks and miners, Mr Esho said.

“The banks have run really hard and are now coming off the boil, and the resource stocks need a bounce in commodity prices to do better,” he said.

Energy companies recorded the biggest falls on Friday after oil prices tumbled.

Woodside Petroleum was down $1.10, or 2.8 per cent, at $38.66, Santos had lost 36 cents to $12.68 and Oil Search was 28 cents weaker at $8.42.

BHP Billiton was down 76 cents at $32.46, Rio Tinto had fallen $1.73 to $57.30 and Fortescue Metals was 11 cents lower at $3.24.

Among the banks, Commonwealth Bank was down $1.15 at $75.08, ANZ had lost 51 cents to $31.31, Westpac had shed 53.5 cents to $32.335 and NAB was 40 cents weaker at $32.07.

KEY FACTS

* At 1210 AEDT, the benchmark S&P/ASX200 index was down 96.6 points, or 1.82 per cent, at 5,200.1 points.

* The broader All Ordinaries index was down 95.1 points, or 1.8 per cent, at 5,198.2 points.

* The December share price index futures contract was 92 points lower at 5,187 points, with 24,101 contracts traded.

* National turnover was 738 million securities worth $1.72 billion.