Australian stocks were also not spared the sell-off on Monday, with the benchmark index dropping more than 3 percent to record its biggest one-day drop since June 2022. It was the second straight day of declines for stocks ahead of the Reserve Bank of Australia's interest rate decision on Tuesday. Technology and banking stocks led the decline, with financials experiencing their worst day since June 2020 after weeks of trading at record levels. With earnings season coming up this month, the Commonwealth Bank of Australia is set to report results that will further test the Australian market.