Australian shares retreat on weak miners, banks ahead of rate call

Australia’s S&P/ASX 200 lost 0.6% to finish Monday at 8,856.50, ending a two-session advance as mining and financial shares weakened. The resources gauge fell 1.5%, extending its losing run to three sessions amid lower copper prices and investor concern that hefty AI investment may not produce adequate returns.

Bank shares slipped 0.6%, while Westpac rose 1% after earlier dropping as much as 1.3%. The lender reported doubled credit impairment charges and warned that a housing downturn could be unusually severe, although its adjusted annual profit matched expectations. A Reuters poll found economists expect the Reserve Bank of Australia to lift its cash rate to 4.85%, the fifth increase this year and the highest level since December 2008; New Zealand’s S&P/NZX 50 fell 0.7% to 13,698.63.