Australian shares head for worst week in six months, miners lose lustre

Australian shares fell for a fourth consecutive session on Friday, with heavyweight miners leading the decline, according to Business Recorder. The S&P/ASX 200 index was down 1.1% at 8,727 by 0010 GMT and was on track for a 3.2% weekly loss, its steepest since early March. Miners slid 3.9%, hitting a one-month low.

Traders focused on inflation and the prospect of higher interest rates, linked to an energy shock from the Middle East conflict, with crude prices above $100. Borrowing costs for governments worldwide are close to multi-decade highs, and the 3-year bond yield climbed to 5.038%, a level not seen since May 2011. BHP dropped 4.4% and Rio Tinto 3.1%, while copper eased from record levels once Reuters said the White House is still weighing refined copper tariffs.

Technology shares tracked Wall Street lower and dropped 1.7%, their weakest since late July, with WiseTech Global down 2.7% and Xero 1.2%. Energy stocks bucked the trend, rising 0.6% toward their best week since mid-August, with Woodside Energy and Santos each up 1.1%. New Zealand's S&P/NZX 50 eased 0.2% to 13,687.80 and was set for a 2.4% weekly fall, with investors awaiting quarterly growth figures due next week.