Australian shares slip as banks outweigh mining gains; inflation data in focus

Australian equities fell on Tuesday, with the S&P/ASX 200 down 0.3% at 8,783.00 by 0036 GMT, Business Recorder reported. Financial shares lost 0.9%, and all four major banks declined between 0.8% and 1.2%, offsetting a 1.1% rise in heavyweight mining stocks as copper prices strengthened.

Investors are watching quarterly inflation figures due Wednesday for indications ahead of the Reserve Bank of Australia’s November 3 rate decision. Swaps put the likelihood of another rate increase at nearly 65%. New Zealand’s S&P/NZX 50 was also lower, falling 0.8% to 13,619.15, while a Reuters poll found more than 80% of economists expected its central bank to raise rates by a quarter point on Wednesday.