News: XIJ Australian shares slip as financials, tech stocks weigh

May 15 (Reuters) - Australian shares slipped on Monday as banking and tech stocks declined, while sentiment was also dented by a report from last week that showed U.S. consumer sentiment slumped to a six-month low in May.

The S&P/ASX 200 index (xjo) fell 0.2% to 7,239.2 points by 0101 GMT.

U.S. consumer sentiment dropped last month on worries that political haggling over raising the borrowing cap could trigger a recession, a University of Michigan survey showed on Friday.

On Monday, Australian financial stocks .AXFJ led the declines, dropping 1.1%. All four "Big Four" banks slid.

Tech stocks .AXIJ retreated 0.5%, tracking their Wall Street peers lower.

Newcrest Mining Ltd (NCM) rose 1.7% after the gold miner said it would back Newmont Corp's NEM.N A$26.2 billion ($17.8 billion) takeover offer in one of the world's largest buyouts so far this year.

Meanwhile, St Barbara (SBM) said it would not engage further with Silver Lake Resources (SLR) on its revised A$707 million ($479.56 million) offer for the gold miner's Western Australian Leonora assets, sending shares about 4% higher.

InvoCare (IVC) climbed 11% after the funeral services provider received a higher A$1.86 billion ($1.26 billion) offer from TPG Global, weeks after the private equity firm withdrew its A$1.81 billion buyout bid.

The mining index .AXMM advanced 0.6%, with sector heavyweights BHP Group (BHP) and Rio Tinto (RIO) rising 1.2% and 0.7%, respectively.

Gold stocks .AXGD added 1.7% even amid subdued bullion prices. Sector-major Northern Star Resources (NST) gained 1.8%.

New Zealand's benchmark S&P/NZX 50 index (nz50) dropped 0.4% to 11,887.66 points.