AU Evening Wrap: Australia Shares Slip 0.3% on Financial, Materials Losses

$S&P/ASX 200(.XJO.AU)$ closed 0.3% lower at 7485.0, pulled to a fourth straight decline by weakness among financial and materials stocks. The benchmark index pared losses late in the session but is now 1.4% lower so far this week, and down 2.6% since the start of the year.

Banking stocks were mixed amid uncertainty over the likely pace of global interest-rate cuts. $Macquarie Group Ltd(MQG.AU)$, $CommBank(CBA.AU)$ and $Westpac Banking Corp(WBC.AU)$ lost between 0.6% and 0.7%. $National Australia Bank Ltd(NAB.AU)$ was flat and $ANZ Group Holdings Ltd(ANZ.AU)$ edged 0.1% higher.

With little movement from iron-ore giants $BHP Group Ltd(BHP.AU)$ and $Rio Tinto Ltd(RIO.AU)$, gold and lithium stocks pulled the materials sector lower. Gold miner $Evolution Mining Ltd(EVN.AU)$ was the biggest loser, slumping 17% after quarterly production fell short of market expectations.