Australia’s unemployment rate rose from 5.25% in October to 5.3% in November as the number of people in employment dropped by 6300, blitzing predictions that employment would rise by 10,000 in November.

Meanwhile, on the lingering euro debt crisis, Toyota Asset Management chief strategist Masaru Hamasaki told Bloomberg investors had turned cautious as the European meeting drew closer.

“There’s been a switch from a feeling that we are going to get some visibility on the situation to a cooler stance, where people are in a wait-and-see mood,” he said.

The S&P/ASX 200 index fell 11.8 points to 4280.7 while the All Ordinaries ended 12.4 points lower at 4338.9.

Australia and New Zealand Banking Group became the first of Australia’s four major banks to pass on the 0.25% interest rate cut announced by the Reserve Bank of Australia earlier this week.

BHP Billiton finished slightly lower today at $A36.99, down 0.1%, while Rio Tinto fared slightly worse closing 0.2% lower at $66.09.

Australia’s largest mineral sands miner Iluka Resources took out the top spot on the Final Call watchlist today with shares closing 5.6% higher at $16.68, after news it had locked in higher prices and volumes for its rutile and synthetic rutile for the first half of next year.

Iluka expects to achieve a 2012 first-half increase in the weighted average price for rutile of 80-85%, relative to a forecast 2011 second-half weighted average price of about $US1340 per tonne.

Also making news, Extract Resources has halted trading of its shares today as the deadline looms for China Guangdong Nuclear Power Group to make a firm offer for its largest shareholder, Kalahari Minerals.

This morning, Extract requested the trading halt in anticipation of an announcement on the London Stock Exchange regarding a firm takeover proposal for Kalahari, which holds a 42.74% stake in Extract.

Gold producers were mixed across the Final Call watchlist, with Newcrest Mining sitting on $A33.50, up 1%, while Alacer Gold added 1.5% to $11.67.

However, the gains weren’t shared by Medusa Mining which closed the session 4.1% lower at $5.42.

For the most part, base metals were up in mid-afternoon trade in Asia with nickel up 11% to $US18,070 in its three-month delivery, while copper fared slightly better, up 12% to $7829 in its three-month delivery.

Tin dipped in afternoon trade, down 0.49% to $20,400 in its three-month delivery, while lead fared the worst down 0.66% to $2133.75 during the same period.