Australian, New Zealand shares slump

Australian shares slumped 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 percent or 52.700 points to 5,838.000 at the close of trade, giving up more than its modest 0.2 percent gain on Thursday. The benchmark declined 4.6 percent on a weekly basis, its biggest in over two years.
Tracking their US counterparts, banks led the decline locally, with the Australian financial index giving up 0.5 percent. Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index extended losses to a fourth consecutive session as it fell about 1 percent or 84.770 points to finish the session at 8,092.370. The index lost 3.8 percent for the week, its biggest weekly decline in nearly eight-years.