RBA Rate Hike Bets Firm Up, Aussie Stocks Hold Steady

Australian stocks closed Monday's session in a holding pattern as traders priced in an almost certain Reserve Bank of Australia rate hike next week.

The RBA decision is driving market activity, with interest-rate swaps implying a 96% chance the cash rate will move to 4.6% at the upcoming meeting.

This backdrop helped explain the mixed performance within the S&P/ASX 200 index: financials gained 0.6%, while miners fell 0.7% as iron ore names weakened and gold stocks dipped with softer bullion.