Australian shares inch lower as banks and miners drag

Business Recorder reported that Australian stocks inched down on Wednesday, with bank and mining shares weighing on the index while gold and energy names rose. A sharp fall in October consumer sentiment also soured appetite for risk. At 0028 GMT the S&P/ASX 200 stood 0.3% lower at 8,710.00, after gaining 0.6% on Tuesday.

A Westpac-Melbourne Institute survey found consumer confidence fell for a second consecutive month in October, as costlier loans following RBA tightening strained household finances and added to cost-of-living pressure. Moomoo strategist Tapas Strickland called the macro environment tight, pointing to oil above US$100 and long-dated yields near multi-decade highs.

Markets price a 75.7% chance that the central bank holds rates steady in November, versus 24.3% for another increase. Attention now turns to the minutes of the central bank's last meeting, due next week. Among stocks, banks fell 0.3% after three sessions of gains, while BHP Group and Rio Tinto each dropped 0.5%.