ASX falls ahead of RBA rate decision
The domestic stock market has fallen following a tech sell-off in the United States and ahead of an expected interest rate hike in Australia.
The benchmark S&P/ASX200 index on Monday dropped 51.6 points, or 0.58 per cent, to 8,856.5, while the broader All Ordinaries shed 48.2 points, or 0.53 per cent, to 8,977.2.
In the US, the tech-heavy Nasdaq suffered its largest one-day percentage drop since June 5 on Friday, dropping 2.9 per cent following disappointing quarterly earnings from Intel and Amazon.
The results have underscored growing worries about massive spending by companies on artificial intelligence and how soon those investments will begin to pay off.
Also weighing on Australian investor sentiment on Monday was the prospect of higher interest rates being announced on Tuesday.
Miners and consumer stocks weigh on market
Eight of the ASX's 11 sectors finished lower on Monday, with industrials, consumer discretionary shares and telecommunications higher.
Consumer staples was the biggest loser, dropping 1.4 per cent as investors continued to digest Coles' first-quarter sales update.
That supermarket chain fell 1.8 per cent to $21.28, while rival Woolworths dropped 1.9 per cent to $39.46.
The heavyweight mining sector was also well in the red, as BHP dropped 1.4 per cent to $56.74, Rio Tinto subtracted 1.2 per cent to $145.59 and South32 edged 0.2 per cent lower at $4.33.
Gold miners lost ground as the yellow metal changed hands at $US3921 an ounce, near its lowest level in a year.
Evolution dropped 1.7 per cent, Northern Star retreated 4.8 per cent and Westgold contracted 2.7 per cent.
Elsewhere, Westpac was the only one of the big four banks to gain ground, growing 1.0 per cent to $37.19 as Australia's oldest corporation posted a $6.8 billion full-year profit.
CBA dropped 1.0 per cent to $165.05, ANZ subtracted 0.6 per cent to $40.56 and NAB shed 1.5 per cent to $40.91.
Corporate deals provide bright spots
In company news, the owner of outdoor brands Kathmandu and Rip Curl announced it has opened its data room to a potential buyer after booking a loss of $NZ416 million ($A334 million) in 2025/26.
KMD Brands is in exclusive talks with US-based Bluestar Alliance, a brand management firm that owns the Scotch & Soda and Dickies brands.
Its shares rose 10.4 per cent to $1.65 even though the group cautioned that no transaction was guaranteed.
Shareholders of outdoor advertising firm oOh!media meanwhile overwhelmingly approved its $1 billion acquisition by global infrastructure investor I Squared Capital.
oOh!media shares are now set to be delisted from the ASX on November 19.
The Australian dollar was buying 70.21 US cents, down from 70.33 US cents on Friday at 5pm.
