{
  "id": 17758896,
  "title": "Australian shares retreat on weak miners, banks ahead of rate call",
  "url": "https://urgent.news/2026/11/02/australian-shares-retreat-on-weak-miners-banks-ahead-of-rate-call",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-02T06:03:26.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40447011/australian-shares-retreat-on-weak-miners-banks-ahead-of-rate-call"
  },
  "original_language": "en",
  "account": "Australian shares fell on Monday, ending the day lower after two days of gains. Mining and financial stocks drove the decline as investors anticipated a possible interest rate hike that could bring borrowing costs to their highest level since 2008. The S&P/ASX 200 closed 0.6% lower at 8,856.50. The resources sector experienced its third consecutive day of losses, mirroring the recent drop in copper prices, which has affected the outlook for tech-related infrastructure expansion. Analyst Josh Gilbert noted that copper has become a proxy for AI build-out, and recent stock market volatility has impacted the mining industry. BHP and Rio Tinto both closed down 1.4% and 1.2%, respectively. Banking stocks also lost ground, with Westpac, Australia's second-largest home lender, warning of a steeper housing market downturn after the government scrapped property tax concessions earlier this year. Mortgage applications at major lenders declined amid the government's property tax policy changes and multiple rate hikes. The \"Big Four\" banks, including Westpac, saw their stocks fall between 0.6% and 1.5%. The Reserve Bank of Australia (RBA) is expected to raise its cash rate for the fifth time this year to 4.85%, its highest since 2008, to tackle persistent inflation. Despite the inflationary pressures, the RBA is likely to maintain a tight stance on interest rates, according to analysts. New Zealand's S&P/NZX 50 index also dipped slightly, closing 0.7% lower at 13,698.63.",
  "summary": "Australian shares snapped two straight sessions of gains to close lower on Monday, led by miners and financials, as investors braced for a rate hike that is expected to take borrowing costs to their highest level since 2008. The S&P/ASX 200 index ended down 0.6% at 8,856.50. The resources sub-index logged a 1.5% fall in its third consecutive session of losses, mirroring the recent weakness in…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}