Australian shares ticked lower on Tuesday with financials leading losses after the central bank left interest rates unchanged, edging out strong gains in miners as stimulus measures from China boosted demand prospects.

The S&P/ASX 200 index slipped 0.1% to 8,142 points by the close of trade.

The Reserve Bank of Australia kept its cash rate steady as widely expected, while maintaining a hawkish stance, which led investors to further pare back chances of a December easing.

Expectations of a rate cut in December dropped to 59% from 64% before the decision.

“The RBA’s decision today amounts to another hawkish hold, which fits our view that its still too early for a dovish pivot,” said Tony Sycamore, a market analyst at IG Australia.

Rate-sensitive financials declined 1.9%, their biggest one-day slide since Sept. 4.

Top lenders Commonwealth Bank of Australia and National Australia Bank both tumbled 3%.

Australian shares snap 7-day rally as Woolworths, Coles weigh

The decline in financials slightly overshadowed a 2.8% rise in mining stocks after top iron ore consumer China announced broad monetary stimulus and property market support measures.

The sub-index ended at its highest level since Aug. 27.

“After a very tough first eight months of 2024, the measures taken today by Chinese authorities will give big Australian mining stocks a welcome boost,” Sycamore said.

BHP gained 3.3%, its best one-day percentage gain in more than a year, while Rio Tinto rose 3.7%

Meanwhile, energy stocks jumped 1.5% as China’s stimulus measures also offered support to oil prices.

Gaming company Aristocrat Leisure rose 2.1% to a record high after a U.S. court granted its injunction application for a game from Light & Wonder game, whose Australia-listed shares slumped 18.4%.

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index fell 0.8% to finish the session at 12,303.99 points.