Miners drag Australian shares lower

SYDNEY: Australian shares extended losses to a second session on Friday, weighed down by mining stocks, as investors remained cautious ahead of crucial domestic inflation data due next week.

The S&P/ASX 200 index ended 1.2% lower at 6900.7 points, posting its worst week since Sept. 22.

Investors anxiously await the country’s inflation data for the third quarter on Oct.25 to gauge the trajectory of the Reserve Bank of Australia’s (RBA) upcoming monetary policy decision.

US Federal Reserve Chairman Jerome Powell on Thursday said additional interest rate hikes could be warranted, amplifying investors’ concerns. Meanwhile, Australia’s employment data, released on Thursday, showed signs of a highly constrained job market.