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Australian shares retreated on Wednesday to snap an eight-session winning streak, dragged down by heavyweight miners and financials, with investors looking to minutes of the US central bank’s latest meeting for clues on the policy outlook.

The S&P/ASX 200 index was down 0.5% at 7,961.5 points, as of 0046 GMT.

The benchmark closed 0.2% higher on Tuesday.

The US Federal Reserve’s minutes, due later in the day, will be closely assessed for further hints on imminent rate cuts.

Fed policymakers have in recent days signalled possible easing in September, priming markets for a similar tone from Powell and other speakers at the annual meeting of global central bankers on Friday in Jackson Hole, Wyoming.

Markets are currently pricing in a 69.5% likelihood of a 25-basis-point rate cut at Fed’s September policy meeting, with a 30.5% chance of 50-basis-point cut, according to CME’s FedWatch tool.

A rate cut by the US Fed could encourage other central banks to follow suit, including Australia.

In Sydney, mining stocks declined 0.6% while financial stocks dropped nearly 1%, with the sub-index on track to snap nine sessions of consecutive gains.

Australian shares at 2-week high on miners’ boost; RBA minutes in focus

Energy stocks fell 2% as oil prices slipped on estimates showing swelling US crude inventories and expectations that tensions in the Middle East were easing.

Shares of energy major Santos retreated up to 3.8% after reporting an 18% drop in first-half profit due to lower sales volumes.

Capping loses in the benchmark were technology stocks with a 5.2% jump to a record high, fuelled by a rally in tech major Wisetech Global.

Shares of Wisetech jumped up to 21.8% to hit an all-time high and were one of the top gainers after the Australian company posted strong full-year results and upbeat forecast.

New Zealand’s benchmark S&P/NZX 50 index slipped 0.6% to 12,478.64.

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