Australian shares fell in choppy trade on Wednesday, dragged by miners and bank stocks, a day after the country’s central bank kept interest rates steady at a 12-year high and ruled out cuts in the near term.

The S&P/ASX 200 index lost 0.3% to 7,657.7 by 0027 GMT.

The benchmark lost most of its gains from Tuesday to recoup steep declines triggered by a global sell off earlier this month.

The Aussie dollar fell 0.05% to A$0.65 against the US dollar.

The Reserve Bank of Australia held interest rates steady for a sixth straight meeting on Tuesday and ruled out the possibility of a rate cut this year, citing inflation risks.

Heavyweight mining sector lost 0.5% on Wednesday, hit by falling iron-ore prices.

Mining behemoths BHP Group, Rio Tinto and Fortescue lost between 0.6% and 1.1%.

Rate-sensitive financials dropped by 0.4%, with shares of three of the “big four banks” down between 0.4% and 0.8%. Gold stocks fell 0.9% on weak bullion prices.

Shares of gold miners Northern Star Resources and Evolution Mining were down 0.6% and 0.8%, respectively. Overnight, the US Dow Jones Industrial Average rose 294.39 points, or 0.76%, at 38,997.66.

The S&P 500 gained 53.70 points, or 1.04%, while Nasdaq rose 166.77 points, or 1.03%.

Australian shares hit record high; RBA cautious on inflation

Brent crude futures fell 0.3% to $76.25 a barrel, while US West Texas Intermediate (WTI) crude lost 0.37% to $72.93 per barrel.

Energy stocks rose 0.5%, boosted by higher oil prices.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.4% to 12,299.32.

Data showed that country’s jobless rate increased in the second quarter, reducing capacity pressure in the labour market.

An easing in tight labour market conditions will be good news for the Reserve Bank of New Zealand.