Australian shares fell on Wednesday, dragged by the declines in mining and banking stocks, while cautious investors awaited key US inflation data that could give hints on the Federal Reserve’s interest rate trajectory.

The S&P/ASX 200 index fell 0.6% to 7,162.4 by 0042 GMT. The benchmark ended 0.2% higher on Tuesday.

Investors awaited cues from US inflation data due to be released later in the day to understand the way forward for the Fed’s monetary policy.

In Sydney, mining stocks led declines, falling 0.6% as copper prices slipped due to a stronger dollar. Mining heavyweights BHP Group fell 0.7%, while Rio Tinto and Fortescue Metals Group lost 0.6% and 1.5% each.

Financials and gold stocks dropped more than 0.4%, with ANZ Group Holdings rising about 0.1% and the other three of the ‘big four’ banks falling between 0.1% and 0.5%.

Gold sub-index majors Newcrest Mining and Northern Star Resources declined 0.4% and 0.8%, respectively.

Bucking the trend, energy stocks rose 0.7% on strong oil prices, as OPEC sees tight supplies and is optimistic about resilience in energy demand in major economies.

Sector majors Woodside Energy and Santos rose 0.6% and 0.8%, respectively.

The High Court of Australia upheld ruling against Qantas Airways, dismissing their appeal against a finding that stated breaching of law by the country’s flagship carrier by firing nearly 1,700 employees during the pandemic, the Transport Workers Union said. Shares of the company were up 0.6%.

New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to 11,281.01.