Australian shares slip as bank losses outweigh mining gains

Australian equities moved lower on Monday as declines among financial shares outweighed advances in mining stocks. Business Recorder reported the S&P/ASX 200 was down 0.5% at 8,753.10, with investors awaiting third-quarter inflation figures scheduled for Wednesday.

The inflation release is being watched for signals on the Reserve Bank of Australia’s next policy step. Market pricing indicated a greater than 60% chance of another rate increase this year, which could lift the cash rate to 4.85% at the November 3 meeting.

Financial shares lost 1.6%, while technology stocks fell as much as 2.5%. Mining stocks gained 1.4% as iron ore and copper prices strengthened, and energy stocks also advanced 1.4%; New Zealand markets were closed for a public holiday.