Australian shares posted their sharpest fall in nearly eight weeks on Monday, in a broad sell-off led by miners, as stronger-than-expected US economic data triggered fresh concerns over the Federal Reserve’s campaign to raise interest rates.

The S&P/ASX 200 index was down 1.1% at 7,224.80 at the close of trade.

The benchmark closed 0.5% lower last week.

“The ASX 200’s disappointing performance in February, compounded by an earnings season skewed towards earnings misses rather than beats and forward guidance, particularly from consumer-facing companies, suggest more challenging times lay ahead,” said Tony Sycamore, market analyst at IG Australia.

Friday’s data from the United States showed that consumer spending had jumped in January, exceeding analysts’ estimates, suggesting more aggressive rate hikes from the US Fed.

“A similar story is also playing out in Australia as hotter-than-expected inflation data push the Reserve Bank of Australia towards extending its own tightening cycle,” Sycamore added.

Investor focus was also on domestic January retail sales and quarterly gross domestic product data due later in the week for further clues on the RBA’s stance on rate hikes.

Heavyweight miners shed 3.4%, their biggest intraday fall since Oct. 28, tracking a slump in iron ore futures. Index majors Rio Tinto, BHP Group and Fortescue Metals Group fell between 2.9% and 7.3%. Local gold stocks tracked bullion prices lower to recede 1.3%.

Australian shares post third weekly decline as rate hike woes lingers

Newcrest Mining and Northern Star Resources fell 0.2% and 2.3%, respectively.

In other news, shares of Woodside Energy added 1.5% after the company raised its final dividend as profit for the year more than tripled.

Lynas Rare Earths reported a 4% drop in its first-half profit, weighing shares down 6.2%.

New Zealand’s benchmark S&P/NZX 50 index finished the session 0.9% lower at 11,793.33 points.