Australian shares closed lower on Monday, even as other Asian markets rose, ahead of the release of the Federal Reserve's minutes of its December meeting.

The S&P/ASX 200 fell 0.4% or 37 points to close at 8,725.7.

The path of the Federal Reserve's interest rate cuts, along with the trends in artificial intelligence, are the factors that will determine the performance of stocks next year, Bloomberg reported.

"The focus this week will be on the release of the [December] FOMC minutes," said Tony Sycamore, market analyst at IG Australia.

"Markets will scour the minutes for deeper insights into the committee debates on the balance of risks and the timing of future easing," Sycamore added.

In company news, Woodside Energy Group (ASX:WDS) said the first ammonia was produced at the Beaumont New Ammonia facility in Texas, representing the first phase of operations commissioning.

Weebit Nano (ASX:WBT) expects revenue of at least AU$10 million for fiscal year 2026, supported by new intellectual property licensing agreements with four fabrication facilities and several product companies. Shares of the company rose 19% at market close and earlier hit a 52-week high.

Lastly, Rio Tinto Group's (ASX:RIO) fell 0.4% at market close after hitting an all-time peak earlier in the day as copper prices jumped to a record high in China on Friday and rose in New York.