News: XGD Australia shares close week in red; investors eye RBA meeting next week

	  Australian shares end week lower  

	  RBA rate decision due next week  

	  Miners log worst week in 12 

(Updates to close)

Australian shares ended the week lower on Friday in a largely broad-based selling led by miners, while investor sentiment was sombre ahead of the central bank's monetary policy meeting next week where the rate cycle is expected to remain steady.

The S&P/ASX 200 index (xjo) closed 0.3% lower at 7,724.3 points. The benchmark was down 1.7% in the week.

Key global and local data through the week suggested that the Reserve Bank of Australia (RBA) is unlikely to change rates before the second quarter of next year.

"We expect that the RBA will remain on hold and reiterate its stance of being willing to hike rates again if necessary," said Kerry Craig, a global market strategist at J.P. Morgan.

"It's been a big week for markets with several key economic data release as well as central bank meetings and the market has had a lot to digest and will be looking ahead to the RBA meeting next week."

RBA's two-day monetary policy meeting is scheduled for June 17-18.

Heavyweight mining stocks .AXMM fell 0.7% to a near three-month low. The sub-index logged its worst week in 12, marking its fourth consecutive week of losses.

Iron ore prices have been under pressure from a weakening property sector in top consumer China. Despite China's latest push for affordable housing, investors worried over how much the ferrous market could benefit.

Australia's rate-sensitive banking sector .AXFJ closed 0.3% lower, while gold stocks .AXGD dropped 1.6% to log their worst week in ten.

Bucking the trend, the healthcare sub-index .AXHJ advanced 0.1% to end the day higher.

New Zealand's benchmark S&P/NZX 50 index (nz50) closed the day and week largely flat at 11,864.89 ahead of the quarterly gross domestic product data due next week.

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ASX Metals & Mining	https://reut.rs/3z1CrBc 

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