The S&P/ASX 200 slipped 33 points or 0.4% to finish at 8,697 on Monday, reversing prior gains as caution grew that the Reserve Bank of Australia may raise cash rates for a third straight meeting on Tuesday to counter stubborn inflation. Traders also eyed upcoming March trade data after February showed a rise in Australia's exports, but imports fell. Meanwhile, March building permits tumbled 10.5% mom after a strong rebound earlier, while April job ads fell for a second month, though at a slower pace. Globally, U.S. stock futures mainly drifted higher after President Trump mentioned efforts to free ships stranded on the Strait of Hormuz. Consumer non-durables, energy minerals, process industries, and retail trade led losses, partly offset by gains in industrial services, consumer durables, and healthcare. Notable decliners included Woodside Energy (-3.0%), Coles Group (-3.9%), Origin Energy (-1.9%), and Insurance Australia (-1.3%). Two of the four major banks also ended in the red.