Australian shares were little changed on Tuesday, with losses among financials erasing gains from energy stocks, as investors remained cautious ahead of a looming US earnings season, which is expected to show US corporate sector weakness.
The S&P/ASX 200 index climber just 0.4 points, or 0.01 percent, to 6,221.8 at the close of trade. The benchmark rose 0.7 percent on Monday.
Financial slipped 0.3 percent, with the "Big Four" banks losing between 0.2 percent and 0.8 percent, with top lender Commonwealth Bank of Australia losing most among them.
Mining stocks ran out of steam and were little changed after a 1.7 percent surge in the previous session, shrugging off record high Chinese iron ore prices.
Top miners BHP Group and Rio Tinto staged a lacklustre performance, edging up 0.2 percent and 0.1 percent respectively.
However, lithium miners such as Pilbara Minerals, Galaxy Resources and Kidman Resources slipped, offsetting BHP and Rio Tinto's marginal gains.
Energy stocks rose 2 percent to a more than 2-week high, as oil prices hit fresh 5-month peaks due to OPEC-led supply cuts and US sanctions.
Oil Search jumped 2.3 percent after the company, along with France's Total SA and Exxon Mobil, signed a deal with Papua New Guinea to start work on a LNG project.
Crown Resorts, Australia's biggest casino firm, closed 19.7 percent higher and was the top performer on the index, after it said it was in talks with Las Vegas rival Wynn Resorts about a potential A$10 billion ($7.13 billion) buyout. New Zealand's benchmark S&P/NZX 50 index slipped 0.2 percent or 19.78 points to finish the session at 9,787.30. The top loser was retirement village operator Summerset Group Holdings, which slipped 3.8 percent.
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