Australian shares ended lower on Friday as the banking sector was shaken by news ANZ is facing criminal charges, while sentiment was further hurt by a US move to impose trade tariffs against some of its key trading partners.
The S&P/ASX 200 index closed 0.4 percent lower, dropping 21.5 points to 5,990.4.
The index marked its third week in the red as trade tariffs and bank woes on Friday added to a sell-off following Italy's political turmoil earlier in the week. The banking index lost 0.9 percent after the Australian competition watchdog said federal prosecutors would charge Australia and New Zealand Banking over cartel arrangements in a $2.3 billion share issue.
The latest development compounds a publicity nightmare for the country's biggest financial firms as they grapple with daily allegations of wrongdoing under a public inquiry, which is scheduled to run to the end of the year.
ANZ dropped 1.5 percent while National Australia Bank lost 0.6 percent to close at its lowest in more than one-and-a-half years. Commonwealth Bank of Australia fell 0.9 percent.
Meanwhile, broader markets were fragile on heightened worries about a global trade war after Canada, Mexico and the European Union swiftly responded with retaliatory tariffs to US import tariffs on steel and aluminium.
New Zealand's benchmark S&P/NZX 50 index lost 0.3 percent or 22.63 points to 8,636.16. The index ended the week slightly lower, its third straight weekly loss.
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