Australian shares decline nearly 1pc

SYDNEY: Australian shares closed nearly 1 percent lower on Friday, marking their steepest fall in two weeks, as sentiment soured after BHP flagged higher costs and hawkish policy signals from major central banks added to concerns over risk appetite.

The benchmark S&P/ASX 200 index ended 0.9 percent lower at 8,828.70 points, logging its worst day since June 4.

Miners spearheaded benchmark losses, falling over 4 percent, hurt by sector giant BHP Group while weaker commodity prices further dented market sentiment.

Shares of BHP fell well over 5 percent after it warned on Thursday of cost overruns at its Jansen project and said it will book a USD2.3 billion charge.