The local share market has fallen for a second day ahead of a bevy of central bank meetings and following the release of dovish minutes from Australia's Reserve Bank.
The benchmark S&P/ASX200 index on Tuesday dropped 33.8 points, or 0.47 per cent, to 7,196.6, while the All Ordinaries fell 33.1 points, or 0.45 per cent, to 7,395.0.
The two days of losses mean the ASX200 has now given up all but 10 points of its 92.5-point rally on Friday, its best day this year.
"You can't blame people for keeping to the sidelines, for now," wrote Capital.com market analyst Kyle Rodda.
"In the absence of major data or surprising news, price action was dull last night as the markets brace for a cast of central bank meetings."
No fewer than six central banks will make policy decisions later this week, including the Federal Reserve, Bank of England and Bank of Japan.
Overnight Statistics Canada will release August inflation data that could sway the Bank of Canada's interest rate outlook.
Domestically, Tuesday's release of Reserve Bank minutes from its September 5 meeting didn't seem to budge the market much.
The minutes indicated the board debated raising rates at its last meeting and was still open to doing so, but was also mindful of the risk that the economy might slow more sharply than forecast.
"There were bits and pieces of new language but nothing to really alter our thinking on monetary policy," wrote RBC Capital Markets macro rates strategist Robert Thompson, a view echoed by several other economists.
Seven of the ASX's 11 sectors finished lower on Tuesday, with consumer discretionary and utilities flat and energy marginally higher, up 0.2 per cent.
Brent crude was nearing $US95 a barrel for the first time since last November amid production cuts by Saudi Arabia and Russia.
Woodside dipped 0.1 per cent to $37.80, while Santos added 0.9 per cent to $7.85, and coalminer New Hope gained 2.1 per cent to $6.30 after announcing it made a $1 billion profit in 2022/23.
New Hope ended the year with $730.7 million cash in the bank and no debt, and plans to reward shareholders with a special dividend.
In the heavyweight mining sector, goldminers gained as the price of the yellow metal neared a two-week high of $US1935 an ounce.
Evolution and Newcrest both finished 1.4 per cent higher while Northern Star advanced 0.4 per cent.
The iron ore giants lost ground, with BHP slipping 1.4 per cent to $45.10, Fortescue dropping 1.1 per cent to $20.97 and Rio Tinto falling 0.7 per cent to $118.54.
All of the Big Four banks were in the red with ANZ down the most, falling 0.9 per cent to $25.51 as Australia's fourth-largest home loan lender cut rates on fixed mortgages.
Westpac and CBA both dipped 0.5 per cent, to $21.69 and $102.13, respectively, while NAB fell 0.7 per cent to $29.38.
Back in the mining sector, Boart Longyear was up 6.4 per cent to $1.49 as the drilling services company announced a subsidiary had agreed to buy a Swedish company that makes geological data visualisation software for $US29.3 million.
Tuas was up 10.5 per cent to a three-month high of $2.10 as the Singapore-based mobile network company reported its full-year loss had narrowed to $S15.3 million ($A17.4 million), from $S26.7 million ($A30.4 million) the previous year.
The Australian dollar was buying 64.33 US cents, from 64.41 US cents at Monday's ASX close.
ON THE ASX:
* The S&P/ASX200 index finished Tuesday down 33.8 points at 7,196.6, a drop of 0.47 per cent.
* The All Ordinaries fell 33.1 points, or 0.45 per cent, to 7,395.0.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.33 US cents, from 64.41 US cents at Monday's ASX close
* 95.07 Japanese yen, from 95.10 Japanese yen
* 60.24 Euro cents, from 60.43 Euro cents
* 51.96 British pence, from 52.01 British pence
* 108.66 NZ cents, from 109.02 NZ cents
