* Market awaiting Q3 domestic inflation data
* Miners lead market lower after price outlook downgrade
* Market to turn eyes to U.S. rate decision
By Rashmi Ashok
Oct 30 (Reuters) - Australian shares slipped on Wednesday after a seven-session run of gains, led lower by miners, ahead of domestic inflation data due later in the day.
The S&P/ASX 200 index .AXJO fell 0.4%, or 24.5 points, to 6,720.90 by 2354 GMT. The benchmark rose 0.1% on Tuesday.
Third quarter consumer prices data will be examined for evidence of the effects of the Reserve Bank of Australia's three rate cuts this year to 0.75%.
"Like the United States, we're near record highs, yet the outlook for the economy is much more cautious," said Damian Rooney, director of equity sales at Argonaut. "My view is that the stock market is at a risk to retrace back."
Mining stocks .AXMM logged sharp losses, after iron-ore futures fell on Tuesday amid worries about rising inventories and lower demand from China. IRONORE/
Adding pressure, the World Bank downgraded outlook for energy and metal commodities prices, predicting a continued fall in 2020 after sharp declines in 2019 on a weaker outlook for global growth and consequent softer demand.
"The downgrade has a fair knock on effect for Australia, because we're such enormous producers of iron ore and base metals," Rooney said.
BHP Group Ltd BHP.AX and Rio Tinto (LON:RIO) Ltd RIO.AX shed as much as 1.3% and 1.2%, respectively. The world's No. 4 iron ore miner Fortescue Metals Group FMG.AX lost as much as 1.6%.
Financials .AXEJ also edged lower, with shares of all of the "Big Four" lenders trading lower.
The country's biggest lender Commonwealth Bank of Australia CBA.AX fell 0.6% while Westpac Banking Corp WBC.AX traded 0.5% lower.
Bucking the trend, gold stocks .AXGD managed to lock in modest gains as the uptick in caution supported the sector which is seen as a proxy for investments in the safe-haven metal.
Also on the uptick, Genworth Mortgage Insurance Australia Ltd GMA.AX posted a 29.9% rise in third-quarter underlying net profit, citing improved conditions in the Australian property market. developers such as Stockland Corp SGP.AX , Dexus DXS.AX and Abacus Property Group ABP.AX traded higher following Genworth's results.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.2% or 19.92 points to 10,814.86.
Market operator NZX Ltd NZX.NZ gained 3.3% while drug retailer EBOS Group Ltd EBO.NZ added 1.8%.
Investors will likely later switch attention to the U.S. Federal Reserve's interest rate decision, which is due early Thursday morning Sydney time, with markets largely pricing in another rate cut by the central bank.