Australian stocks inched lower on Monday as investors fretted over risks of further interest rate hikes, while ANZ Group fell after reporting annual profit below analyst estimates.

The S&P/ASX 200 index slipped 0.1% to 6,969.2 by 0022 GMT, with gold and financial stocks leading the decline.

The benchmark fell 0.6% on Friday. The Reserve Bank of Australia last week warned that there were risks of further upside surprises to inflation, and signalled a hike might be needed to ensure prices were in control.

Globally, risk appetite reduced after US Federal Reserve Chief Jerome Powell said policymakers were “not confident” if monetary policy was sufficiently restrictive to put an end to high prices.

In Australia, gold stocks fell 0.6%, tracking losses in bullion prices.

The sub-index touched its lowest level since Oct. 9 and was set for a fifth consecutive session of declines. Northern Star Resources fell 0.8%, while Evolution Mining was down 0.3%. Financial stocks extended declines from last week, sliding 0.4% to hit their lowest level since Nov. 3.

The “big four” banks slipped between 0.1% and 2.9%. Shares of ANZ Group slumped more than 3% to their lowest level in two weeks after the lender posted a record annual profit that fell short of analyst forecasts.

Technology stocks fell 0.4%, weighed down by losses in Wall Street peers last week.

Financials, technology stocks lift Australia shares

Among individual stocks, TPG Telecom fell as much as 9.2% to its lowest level since July 26, after the telecom giant ended talks with Vocus Group for the sale of some of its non-mobile fibre assets for about A$6.3 billion ($4.01 billion).

Pacific Current fell about 3.4% as its largest shareholder offered A$541.5 million ($343.58 million) to take full control of the company after rejecting a higher bid from GQG Partners.

New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to 11,111.22.