Australian shares snap 3-day gaining streak

SYDNEY: Australian shares snapped a three-day winning streak on Friday, starting the last month of the year on a negative note, as technology firms and banks weighed, while investors assessed their monetary policy easing bets after a benign US inflation print.

The S&P/ASX 200 index fell 0.17% to 7,075.40 points after closing 0.7% higher on Thursday. The benchmark gained 4.5% last month, its best month since January.

Overnight, US inflation data showed signs of cooling demand in the world’s largest economy, which further strengthened expectations that the Federal Reserve’s interest rate hiking campaign was over, boosting the possibility of rate cuts early next year.