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Australian shares slip as bank losses outweigh mining gains

By Reuters News

Oct 26 (Reuters) - Australian shares fell on Monday, with losses in financials outweighing gains in miners on stronger commodity prices, while investors focused on a key inflation print later this week for clues on the central bank's next move.

The S&P/ASX 200 index .AXJO fell 0.5% to 8,753.10 as of 0037 GMT, heading for its worst session since October 14. The benchmark ended slightly lower last week.

Investors await third-quarter consumer price inflation data, due on Wednesday, for cues on the Reserve Bank of Australia's future monetary policy path. Markets imply more than a 60% chance of a fifth rate hike this year, potentially taking the cash rate to 4.85% at the November 3 meeting. 0#AUDIRPR

Financials .AXFJ dropped 1.6%, set for their steepest drop since October 1. All the "Big Four" banks slumped between 1.6% and 1.9%.

Technology stocks .AXIJ slipped as much as 2.5% to a more than six-month low, tracking weakness in Wall Street peers on Friday. WiseTech Global WTC.AX and Xero XRO.AX fell 1.3% and 1.9%, respectively. .N

Narrowing losses, mining stocks .AXMM advanced 1.4%, set to snap four consecutive loss sessions, tracking stronger iron ore and copper prices. Both BHP BHP.AX and Fortescue FMG.AX gained more than 1.3%.MET/L IRONORE/

Adding to the sector's advance, gold stocks .AXGD rose as much as 2.1%, tracking firmer bullion prices. Evolution Mining EVN.AX, Northern Star Resources NST.AX and Ramelius Resources RMS.AX jumped between 1.1% and 2.6%. GOL/

Energy stocks .AXEJ climbed 1.4% on higher oil prices, even as the commodity slid slightly on Monday. Sector majors Santos STO.AX and Woodside Energy WDS.AX gained 1.4% and 1.1%, respectively.

Among individual stocks, NEXTDC NXT.AX was one of the top losers on the benchmark, down more than 3%. The data center operator said its CEO will give up his fiscal 2027 bonus opportunities after the firm downgraded its outlook last week.

Meanwhile, New Zealand markets were closed on Monday for a public holiday.

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