Australia shares weighed down by miners; economic data in focus

* Investors await inflation and retail sales data

* Miners log lowest close in almost 2 weeks

* NZ50 snaps 3-day winning streak

* RBNZ likely to hold rates in Nov. 29 meeting

Nov 27 (Reuters) - Australian shares slid on Monday, as miners weighed on the benchmark, while investors awaited crucial inflation and retail sales data due this week.

The benchmark index S&P/ASX 200 closed 0.76% lower at 6,987.60 points. It rose 0.2% on Friday.

The local retail sales and inflation data for the month of October due on Nov. 28 and Nov. 29, respectively, will be key for the Reserve Bank of Australia's (RBA) rate decision when it meets next week for the last time this year.

The meeting comes in the wake of warnings by the central bank that inflation had become increasingly driven by domestic demand, which could require a more "substantial" interest rate response.

"Despite recent hawkish remarks from the RBA, markets are largely expecting the central bank to keep rates on hold during its December meeting," said Glenn Yin, head of research and analysis at AETOS Capital Group.

"However, a stronger-than-expected inflation data may reignite pessimistic pricing on equities."

On the benchmark, heavyweight miners drove losses, ending down 1.2% at the lowest close since Nov. 14, tracking a drop in iron ore futures.

Sector majors BHP Group and Fortescue fell 1.5% and 2.1%, respectively.

Banks fell 0.5%, with top lenders Commonwealth Ba1nk of Australia and Westpac losing 1.1% each.

Tony Sycamore, a market analyst at IG, said equity markets have had a very good November - up 3% so far and snapping a three-month losing streak - and as the month-end approaches, the funds that had become overweight equities are probably starting to sell some stocks.

The New Zealand benchmark S&P/NZX 50 index fell 0.49% to 11,155.79 points, snapping a three-day winning streak.

Investors await the Reserve Bank of New Zealand's (RBNZ) monetary policy decision on Nov. 29, where the overnight cash rate should be kept unchanged, according to a Reuters poll. (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Mrigank Dhaniwala)