Australian shares hit their lowest level in more than one month on Wednesday led by miners, while lingering fears of more interest rate hikes going into the U.S. Federal Reserve’s meeting minutes weighed.

The S&P/ASX 200 index closed 0.3% lower at 7,314.50, its lowest level since Jan 12. The benchmark fell 0.2% on Tuesday.

Investors would keenly assess the minutes from the U.S. Federal Reserve’s last meeting, due later in the day, for further clues on its rate hike path.

“Any hawkish rhetoric in the release will be more than capable to bring equity markets lower, said Glenn Yinn, head of research and analysis at AETOS Capital Markets.

Australian shares tick up as banks rally; Fed rate hike fears linger

Data from the Australian Bureau of Statistics on Wednesday showed wages grew at the fastest annual pace in a decade last quarter but missed market expectations.

The softer-than-expected data may not be enough to stop the Australian central bank from hiking interest rates two more times, analysts at RBC Capital Markets said in a note.

Miners fell 0.7% after iron ore futures fell following an extended rally sparked by optimism around a demand recovery in China.

Sub-index heavyweight and mining giant Rio Tinto posted a 38% plunge in annual profit and more than halved its dividend, hurt by weaker iron prices as demand in China slowed.

Financials slid 0.5% with Commonwealth Bank of Australia and National Australia Bank dropping 2.3% and 0.1%, respectively.

Origin Energy advanced 13% after a Brookefield-led consortium trimmed its buyout offer by 1%, defying fears that the group would walk away from a potential deal in the wake of the Australian government’s move to cap gas prices that hit valuations in the sector.

Santos rose 3.1% after the country’s No.2 independent gas producer lifted its final dividend by more than77% and annual profit more than doubled on beefed-up LNG portfolio following its merger with Oil Search.

Domino’s Pizza Enterprises slumped 24% topping the losers on the bourse after the Australian franchise of the global pizza chain reported a more than 28% slump in first-half profit.

New Zealand’s benchmark S&P/NZX 50 index dipped 0.1%to 11,794.22.

The country’s central bank raised interest rates by 50 basis point (bps) to a more than 14-year high and warned of further tightening.