The Australian stock market recorded its biggest single-day drop since June 2022
The Australian stock market was not spared from selling off on Monday, with the benchmark index falling more than 3%, marking the largest single-day drop since June 2022. This is the second consecutive day of decline in the stock market ahead of Tuesday's interest rate decision by the Reserve Bank of Australia. Tech and banking stocks led the fall, with financial stocks experiencing their worst day since June 2020, after trading at record levels in previous weeks. With this month's earnings season approaching, Commonwealth Bank of Australia is about to announce its performance, which will further test the Australian market.
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