Australian shares on track for third weekly loss as miners, tech weigh

Australian shares fell on Friday, and were poised for a third consecutive weekly loss, as weaker commodity prices weighed on local miners and US technology stocks reignited concerns over heavy AI spending.

The S&P/ASX 200 index was down 0.6% at 8,783.9 points, as of 0007 GMT, after closing 0.2% higher in the previous session.

The benchmark is on track for its steepest decline in more than three weeks, if current momentum holds.

Miners slid nearly 2% on the day, and were track for their worst day in a week as copper prices lost ground.

Shares of BHP and Rio Tinto fell 1.5% and 0.8%, respectively.

Still, the mining sub-index has gained 3.1% so far this week, and is poised for its strongest weekly gain since about eight weeks ago.

Gold miners lost as much as 3.1% as bullion prices retreated from a two-week-high milestone.

Elsewhere, technology stocks shed as much as 2.9% to hit their lowest level since mid-April.

Across the Pacific, quarterly results of US tech heavyweights raised eyebrows around AI cash burn. In Australia, top tech players Xero, WiseTech Global and Megaport lost between 2.4% and 4.1%.

Losses were limited by energy stocks, up as much as 2.1%, after oil prices topped $100 on US President Donald Trump’s threat of “major military punishment” for Iran following Houthi-led tanker attacks. The sub-index was set for its best week since early March, when Middle East tensions flared, up 6.9%.

Meanwhile, the Trump administration said on Friday it would impose new tariffs on 60 trading partners, including Australia, over alleged failures to enforce forced-labour bans.

New Zealand’s benchmark S&P/NZX 50 index slipped 0.2% to 13,768.9 points.