News: XGD Australian shares fall to one-month low; miners and banks weigh

	  ASX benchmark logs worst day in nearly two weeks 

	  Rio Tinto falls 1.5%, Q4 shipments fall 

	  Australia labour data in focus 

Australian shares ended at a one-month low on Tuesday after a broad-based sell-off, with miners and banks dragging the benchmark, as investors assessed key economic data and adjusted expectations for the onset of a rate cut cycle.

The S&P/ASX 200 benchmark index (xjo) fell 1.1% to 7,414.8 points, marking its lowest closing level since mid-December and also the benchmark's worst daily loss since Jan. 3.

Miners .AXMM declined 1.6% to their lowest closing level since early December, with subdued iron ore prices following China's decision to forgo an interest rate cut on Monday, dampening investor hopes for stimulus measures to support the property sector.

Commodities are likely to be pressured by a slew of factors, including weak Chinese data, lack of support for its property sector, and the market pricing in "way too many rate cuts," which could affect Australian miners, said Mathan Somasundaram, CEO of Deep Data Analytics.

Top global miners BHP Group (BHP) , Rio Tinto (RIO) , and Fortescue (FMG) declined between 1.4% and 2.2%. Rio Tinto, the world's biggest iron ore producer, ended fiscal 2023 with shipments within its guidance range, and predicted a slow economic recovery in top customer China.

Investors are now awaiting Australia's December employment data ahead of the central bank policy meeting early next month. Analysts at ANZ expect moderate gains in employment for the previous month, following strong gains in the two preceding months, with an anticipated fall in unemployment.

Meanwhile, the banking index .AXFJ slipped 0.7%, logging its worst day since early this month, with the "Big Four" banks ending between 0.6% and 0.9% lower.

Energy stocks .AXEJ fell 1.5%, marking their worst day since Dec. 7, with sector heavyweights Woodside Energy (WDS) and Santos (STO) losing 1.6% and 1.8%, respectively.

Across the Tasman Sea, the New Zealand benchmark S&P/NZX 50 index (nz50) ended flat at 11,770.76 points.