Australian shares slip 0.4% as miners tumble, RBA hike
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- S&P/ASX 200 closed 0.4% lower at 8,583.4 points as investors reacted to weaker commodity prices and upcoming policy decisions.
- Miners fell 2.4%, with Rio Tinto and Fortescue down 2% and 3.9% respectively, and BHP slipping 1.2% to its lowest level since Feb 6.
- Financials rose 0.4%, led by Commonwealth Bank of Australia gaining 1% to a two‑week high.
- Energy stocks rose 0.5%, extending a four‑day rally amid concerns over Middle East oil‑supply risks.
- RBA was expected to hike rates by a quarter‑point, with 23 of 30 economists forecasting the move ahead of Tuesday’s meeting.
- Middle East tensions continued into a third week, keeping investors wary of potential disruptions to oil facilities and the Strait of Hormuz.
Why it matters: The index slide shows miners bearing the brunt of weaker commodity prices, eroding market breadth, while financials and energy stocks eke out modest gains. An RBA quarter‑point hike, diverging from most central banks' expected holds, adds a policy risk, and the geopolitical risk premium tied to Middle East tensions underpins energy stocks.
