The local share market has closed lower as traders took profits from Friday's rally ahead of a big week of central bank meetings.
The benchmark S&P ASX200 index on Monday finished down 48.6 points, or 0.67 per cent, to 7,230.4, while broader All Ordinaries dropped 54.5 points, or 0.73 per cent, to 7,428.1.
The US Federal Reserve, the Bank of England and the central banks of Japan, Norway, Sweden and Switzerland are all holding policy meetings this week to decide on interest rates.
Also, the Reserve Bank will release minutes of its September 5 meeting on Tuesday, information which will be closely scrutinised for indications on whether the rate-hiking cycle is over.
The US Federal Reserve, the Bank of England, the Bank of Japan, Norway's Norges Bank, Sweden's Riksbank and the Swiss National Bank are all holding policy meetings this week to decide on interest rates.
Markets and economists are near-certain that the Fed won't announce during Australia's pre-dawn hours on Thursday that it is raising rates, with most predicting the central bank will instead issue a "hawkish pause" that leaves the door opening for further tightening. But the Bank of England is forecast to hike on Thursday.
Domestically, the Reserve Bank - which as of Monday is under the leadership of former deputy governor Michele Bullock - will release minutes of its September 5 meeting on Tuesday.
St George senior economist Jarek Kowcza said while the minutes were unlikely to be groundbreaking, they were worth a look to gauge how the board's views were developing given the data flows in the leadup to the meeting.
"Economists will also be looking for hints to better understand how the board are currently assessing the balance of risks, as inflation is slowing, but challenges remain and policy makers need to remain vigilant," he wrote.
Every ASX sector finished in the red. The tech sector was the biggest loser, dropping 2.7 per cent as Xero fell 4.1 per cent and Wisetech Global fell 2.5 per cent.
In the heavyweight mining sector, BHP had gained 0.2 per cent at $45.76, Fortescue edged 0.1 per cent lower at $21.20 and Rio Tinto had gained 0.3 per cent at $119.31
Among the Big Four banks, CBA had dropped 0.5 cent to $102.63 and NAB was down 0.3 per cent to $29.58. But Westpac was up 0.1 per cent to $21.79 and ANZ was up 0.2 per cent to $25.75.
Losses were steeper among insurance companies, with IAG retreating 1.4 per cent and QBE falling 1.6 per cent.
Costa Group dropped 3.4 per cent to $2.84 after US private equity firm Paine Schwartz Partners reduced its non-binding offer for the fruit and veggie grower from $3.50 per share to $3.20, after a period of due diligence.
Whitehaven Coal dropped 0.9 per cent to $6.61 after confirming it was participating in the sale process for Daunia and Blackwater coking coal mines in Queensland being initiated by a joint venture between BHP and Mitsubishi. .
The Australian dollar was buying 64.41 US cents, from 64.58 US cents, at Thursday's ASX close.
ON THE ASX:
* The S&P/ASX200 index finished Monday down 48.6 points at 7,230.4, a drop of 0.67 per cent.
* The All Ordinaries fell 54.5 points, or 0.73 per cent, to 7,428.1.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.41 US cents, from 64.58 US cents at Friday's ASX close
* 95.10 Japanese yen, from 94.41 Japanese yen
* 60.43 Euro cents, from 60.60 Euro cents
* 52.01 British pence, from 51.98 British pence
* 109.02 NZ cents, from 109.07 NZ cents
