On Tuesday, Australia's S&P/ASX 200 index fell 17 points, or 0.2%, to close at 8680. This marked the second consecutive trading day that the Reserve Bank of Australia had raised interest rates for the third time to curb stubborn inflation, a move in line with market expectations. Policymakers noted that inflation was already high before the outbreak of conflict in the Middle East, and rising fuel costs exacerbated inflationary pressures. Traders were also cautiously awaiting March trade data to be released later this week, after February data showed Australian exports rising while imports fell. However, the decline eased somewhat as Australian personal spending in March saw its biggest increase in two and a half years, marking the third consecutive month of growth. Meanwhile, US stock index futures strengthened, and traders closely watched the latest developments in the Middle East. Sector weakness was mainly led by the processing industry, healthcare, and consumer durables sectors. Shares of the four major banks fell between 0.4% and 1.6%, while notable laggards included Sonic Healthcare (-4.2%), Lynas Rare Earths (-2.3%), and Northern Star Resources (-1.7%).