Australian shares down

Australian shares fell 1.6 percent to a fresh 26-month closing low on Friday, with miners hardest hit on worries about waning demand, while a pledge from the G20 to preserve financial stability did little to alleviate concerns. The benchmark S&P/ASX 200 index fell 61.7 points to 3,903.2, according to the latest data, for its third straight week of falls. The market traded in positive territory briefly in the afternoon but eased back as the G20 statement disappointed.
Miners were pulled lower after copper fell to its lowest price in more than a year as investors looked to liquidate risky assets on global economy concerns. BHP Billiton fell 3.0 percent, Rio Tinto was down 3.8 percent and Fortescue Metals lost 9.3 percent. Australia's four major banks outperformed, with Commonwealth Bank of Australia up 0.9 percent to A$43.33 after the central bank said the banking sector was in better shape than before the 2008/09 crisis.