Skittish investors erase gains in volatile trade

Local market gives up most of yesterday's gains, with investors rattled by global instability and the RBA outlook.

The volatility characterising trade in July has deepened, with investors sending the Australian stock market tumbling almost 1.9% on growth concerns and a pullback in buying from overseas, a day after it rebounded to post its biggest one-day gain since October 2011.

Markets across Asia took a hit with investors rattled by fresh concerns about the eurozone, the political crisis in Egypt and a disappointing read for Chines non-manufacturing PMI.

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