Australian shares fell on Friday and were headed for their worst week in 16, dragged down by losses in gold stocks and miners, while markets awaited progress in U.S. trade talks.
The S&P/ASX 200 index lost 0.5% to 8,935.1 by 0058 GMT, taking its decline to more than 1% so far this week and putting it on track for its steepest weekly drop since April 4.
Miners dragged the index lower, with the sub-index down 1.2% as iron ore prices fell.
Rio Tinto and BHP slipped 1% and 1.4%, respectively, while Fortescue, which released key production results this week, was down 1.8%.
Whitehaven Coal eased 0.2%, outperforming the broader sub-index after reporting a 9% jump in its fourth-quarter output.
Gold stocks fell 0.9%, with Northern Star Resources and Evolution Mining down 1.5% and 1.7%, respectively.
Financials shed 0.7%, with the “Big Four” banks down between 0.3% and 0.9%.
Bucking the trend, energy stocks rose 1.1%, as oil prices climbed on hopes of a potential trade deal between the U.S. and the European Union and reports of Russian plans to restrict gasoline exports to most countries.
Meanwhile, Australia agreed to open its market to U.S. beef, U.S. President Donald Trump said on Thursday.
Reports said Canberra is considering using this easing of rules to wind back the 50% U.S. tariffs on steel and aluminium and fend off threats of a 200% duty on pharmaceuticals.
Most Australian exports to the U.S. face a 10% baseline tariff.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to 12,815.76 points.
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