Australian shares traded lower on Monday, with miners and energy stocks weighing the most, while investors await June-quarter economic growth print to gauge the outlook for interest rates.

The S&P/ASX 200 index was down nearly 0.4% at 8,062.90 points, as of 0055 GMT, with all but two sectors in the red.

The benchmark ended 0.6% higher on Friday.

The country’s second-quarter GDP report, due this week, could set the stage for the Reserve Bank of Australia’s interest rate trajectory when officials meet later this month.

Economic data from the United States signalled the Federal Reserve will likely cut interest rates by a smaller quantum of 25 basis points, instead of 50 bps.

The US Dow Jones Industrial Average rose 228.03 points, or 0.55%, to 41,563.08 points on Friday.

The S&P 500 gained 56.44 points, or 1.01%, while Nasdaq gained 197.19 points, or 1.13%.

In Sydney, gold stocks fell as much as 3% on Monday after bullion prices slumped, with the country’s largest gold miner Northern Star Resources slipping more than 2%.

Australian miners followed suit, shedding about 0.8%, due to weaker iron prices in top steel producer China, with sector majors BHP Group and Rio Tinto trading down 0.4% and 0.7%, respectively.

Other sectors such as healthcare and technology traded down 0.5% and 0.6%, respectively.

Australian shares hit record high; RBA cautious on inflation

In corporate news, retailer Endeavour Group fell as much as 2.3%, after Woolworths sold its remaining stake in the former for A$383 million.

Brent crude futures fell 0.6% to $76.47 a barrel while US West Texas Intermediate (WTI) crude lost 0.56% to $73.14 per barrel.

New Zealand’s benchmark S&P/NZX 50 index fell about 0.2% to 12,426.39 points.