Australian shares fell sharply again today.
The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) plummeted as much as 1.3% to a low of just 5218 points, adding to the pain of yesterday's 1.7% wipe out.
In a case of déjà vu, China and Greece are the culprits behind the latest round of selling, together with expectations of an interest rate hike in the United States.
Investors are concerned that lacklustre economic growth in China could rub off on the global economy while they're bracing for more uncertainty from Greece as Prime Minister Alexis Tspiras calls a snap election.
The ASX's fall comes after Wall Street endured its worst session in 18 months, with the Dow Jones and NASDAQ indices shedding 2.1% and 2.8% of their value. The S&P 500 also lost 2.1% during the session.
On the local bourse, there are a few bright spots following strong earnings results with Medibank Private Ltd (ASX: MPL) and Coca-Cola Amatil Ltd (ASX: CCL) up 11.2% and 4.9% respectively, but the majority of Australian companies are trading considerably lower for the day.
All four of the major banks are down with Australia and New Zealand Banking Group (ASX: ANZ) hit the hardest, down 2.4%.
Elsewhere, Westfield Corp Ltd (ASX: WFD) and ASX Ltd (ASX: ASX) are also down 2.9% and 3.4%, respectively.
With the market currently sitting at 5236 points, there's no way of knowing where it will swing next.
While now could be an exceptional time to buy shares of beaten-down companies, investors also need to ensure they're prepared for more volatility.
