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Australian shares fell to a near four-month low on Friday as Wall Street was hammered by renewed selling on worries of higher inflation and interest rates.
The S&P/ASX 200 index fell 0.9 per cent or 52.700 points to 5,838.000 at the close of trade, giving up more than its modest 0.2 per cent gain on Thursday.
The benchmark declined 4.6 per cent on a weekly basis, its biggest in over two years, reports Reuters.
US stocks tumbled around 4.0 per cent on Thursday in another dramatic session, confirming a correction that has thrown the market’s near nine-year bull run off course.
Tracking their US counterparts, banks led the decline locally, with the Australian financial index giving up 0.5 per cent.
Macquarie Group Ltd, the country’s biggest investment bank, lost 2.5 per cent, while Australia and New Zealand Banking Group Ltd fell 0.4 per cent.
Materials stocks were also under the cosh, with mining stalwart BHP declining 1.1 per cent to a seven-week low.
Mining stocks were also hurt by a weakening in copper and aluminium prices.