By Shashwat Pradhan
Sept 19 (Reuters) - Australian shares inched lower on Monday, dragged by financial and consumer stocks, as traders exercised caution ahead of central bank meetings in the United States and Japan this week.
The market's opening was delayed more than an hour. The exchange said it was "due to an issue with a component that allows ASX to manage individual stocks". S&P/ASX 200 index .AXJO , which had gains the past three sessions, was down 0.4 percent or 18.80 points to 5,277.9 by 0240 GMT.
U.S. Federal Reserve's Open Market Committee, which last hiked borrowing costs in December 2015 to end seven years of near-zero rates, meets on Sept. 20-21. central bank will also meet on Tuesday and Wednesday and present an assessment of its monetary policy. Sources familiar with the bank's thinking have said negative interest rates could become the centrepiece of policy, in a shift away from the base money target that's been the focus since 2013. Bank of Japan meeting "might open the door for them to do more accommodation further down the track, but I would be rather surprised if anything happens this week," said Tony Farnham, an economist with Patersons Securities.
Financial and consumer stocks were the biggest drag on the benchmark index.
Retail to resources giant Wesfarmers Ltd WES.AX fell as much as 2.1 percent but then erased much of that loss.
Mining giant BHP Billiton (LON:BLT) Ltd BHP.AX dropped 0.9 percent.
Energy stocks .AXEJ slipped as crude oil hit multi-week low on Friday O/R . Woodside Petroleum WPL.AX slid 1.4 percent while Beach Energy BPT.AX tumbled more than 3 percent.
Gold stocks .AXGD gained more than 1 percent as spot gold XAU= rose 0.4 percent to $1,314.84 an ounce by 0155 GMT. Gold miner Newcrest Mining Ltd NCM.AX was among the biggest gainers on the benchmark, climbing more than 3 percent.
New Zealand's benchmark S&P/NZX 50 index .NZ50 nudged up 0.1 percent or 3.60 points to 7,254.11.
The Reserve Bank of New Zealand is widely expected to keep rates on hold at 2.00 percent on Thursday. in materials and telecom stocks were offset by gains in industrials and financials.
Auckland Airport AIA.NZ extended gains and was up more than 1 percent while Kiwi Property Group KPG.NZ advanced more than 2 percent.
Pay TV provider SKY Network Television SKT.NZ declined more than 1 percent while Orion Health Group OHE.NZ fell more than 2 percent.
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