Australian shares slipped on Monday, weighed by healthcare and financials sectors, as investors remained cautious about global economic growth prospects after a report showed a slowdown in US labor market.

The S&P/ASX 200 index ended 0.2% lower at 7,309.2 points.

The benchmark fell 0.2% on Friday.

The US economy added fewer jobs than expected in July, the US Labor Department’s employment report showed on Friday, while locally the Reserve Bank of Australia slashed its economic growth and inflation outlook for the year.

The global markets are now focused on inflation figures from the US and China, the world’s two largest economies, due this week, for any cues on an economic recovery.

“The weakness and higher volatility in the Aussie market today is largely attributed to the upcoming July inflation data from the US,” said Glenn Yin, head of research and analysis at AETOS Capital Group.

“Markets are now expecting a rebound in CPI after 12 months of consecutive declines, so the risk aversion sentiment is definitely out there, with crude oil prices gaining almost 20% last month,” Yin said.

In Sydney, financials slipped 0.4%, with all the so-called big four banks closing in negative territory.

Australian shares flat as miners counter losses in tech

Also on the losing side, healthcare stocks closed 1.1% lower, with sector majors ResMed and CSL skidding 4% and 1.2%, respectively.

Miners lost 0.4% as iron ore futures dropped, with the markets growing restless amid lack of substantial stimulus details from China.

Sector majors BHP, Fortescue and Rio Tinto declined between 0.4% and 1.4%.

Bucking the trend, energy stocks advanced 0.3% on firm oil prices as top producers Saudi Arabia and Russia pledged to keep supplies down for another month.

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index finished about 0.1% lower to close the session at 11,934.2 points.