Australian shares subdued as investors await US inflation data Australian shares were muted on Tuesday, after losses in miners offset strength in bank stocks, as investors awaited US economic data this week for clues on the Federal Reserve’s stance on monetary policy. The SP|ASX 200 closed 0.1% higher at 6,606.30 points. The benchmark fell 1.1% on Monday. The Australian market is being influenced by macroeconomic data right now, so I think the market is going to be treading water until we get some more news this week, said Brad Smoling, managing director at Smoling Stockbroking. US consumer price index data for June is due on Wednesday and June retail sales data is expected on Friday. The data should provide clues on the outcome of the Federal Reserve’s upcoming policy meeting, where a 75 basis point (bps) interest rate hike is expected. Rate-sensitive financial stocks advanced 0.7%, with the “Big Four” banks—Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp and Australia and New Zealand Banking Group—up between 0.1% and 1.4%.