Australian shares fell on Tuesday after scaling a record high in the previous session, dragged down by commodity and bank stocks, while investors eyed key local inflation data due later this week.

The S&P/ASX 200 index fell 0.3% to 8396.4, as of 2358 GMT.

The benchmark had hit a record high on Monday.

Market participants are now focussed on the crucial Consumer Price Index (CPI) inflation data due on Wednesday to gauge the Reserve Bank of Australia’s monetary policy path.

The central bank has lagged its peers in lowering its interest rate, which has been at a 12-year high. Back in Sydney, energy stocks fell 1.4%, tracking losses in global oil prices, after reports of a possible end to the Israel-Hezbollah conflict.

Woodside Energy lost 1.4% while smaller peer Santos fell 1.9%.

Gold stocks lost 1.9%, hitting a one-week low after prices of the yellow metal dropped.

Brent crude futures fell 2.75% to $73.10 a barrel. Bellwether miners fell as much as 0.5% despite higher iron ore prices, as mounting trade tensions surrounding top buyer China curbed the commodity’s gains.

Miners, healthcare stocks lift Australian shares to record high; New Zealand at 3-year peak

Sector giant BHP Group traded flat, while Rio Tinto rose 0.8%.

Rate-sensitive financials lost 1.1%, with the “Big Four” banks losing between 0.1% and 1.7%.

Health stocks rose 0.4%, on track for a third consecutive session of gains. Cochlear, one of the nation’s priciest stocks, advanced 0.9%.

The US Dow Jones Industrial Average rose 0.99% to 44,736.57 on Monday.

The S&P 500 gained 0.30% while Nasdaq advanced 0.27%.

Meanwhile, New Zealand’s benchmark S&P/NZX 50 index fell 0.6% to 13116.27, ahead of the central bank’s cash rate decision.

The Reserve Bank of New Zealand is expected to cut rates at its monetary policy meeting on Wednesday, a Reuters Poll showed.