Australian shares ease as investors look beyond likely RBA hike

Australian shares dipped slightly on Tuesday, as investors focused on signals of the Reserve Bank of Australia's monetary policy beyond the upcoming September hike. The S&P/ASX 200 index slipped 0.1% to 8,670.10 by 0033 GMT, after a 0.2% rise on Monday. Market participants anticipate a 25-basis-point increase in the cash rate to 4.60%, marking the central bank's fourth rate hike this year.

Investors will closely examine the accompanying statement for hints on further rate hikes. Attention is also fixed on the August inflation data release on Wednesday, following a robust July core inflation reading that fueled concerns about sustained price pressures. Financials suffered a 0.5% drop, with "Big Four" banks falling between 0.4% and 0.6%.

Energy stocks slipped 0.8%, hitting their lowest since mid-August, while gold miners declined 0.5% after the precious metal hit a seven-week low. Mining stocks were up 0.4%. Real estate stocks and consumer staples were down 0.9% and 0.5%, respectively. Healthcare stocks provided some support, climbing 0.7% and reaching their highest since mid-February.

Technology stocks surged up to 4% after two consecutive declines, hitting their peak in a week. Megaport's shares soared 20.5% following the signing of three AI infrastructure contracts worth A$978.6 million and an upgraded 2027 earnings forecast. Codan rose 17.9% to a record A$61.30, after forecasting annual net profit after tax of A$160 million. New Zealand's S&P/NZX 50 index declined 0.5% to 13,755.90.