ASX 200 Falls for Second Straight Day Amid Global Bond Sell-Off

The Australian stock market continued its downward trend, falling for the second consecutive day. The S&P/ASX 200 closed at 8,664.0, down 38 points or 0.44% from the previous day's close.

The decline was attributed to a global bond sell-off and rising oil prices. The materials sector was hit particularly hard, falling over 1%. All but one of the index's 11 sectors traded lower.

The Reserve Bank of Australia is set to make its next interest rate decision on September 29, which has taken on added significance given the mixed signals from this week's economic data and global market volatility. Major Australian banks reflected the cautious mood, with Commonwealth Bank of Australia falling 0.84% and Westpac Banking Corp down 1.32%.