Australian shares retreat as oil surges, banks and miners weigh

Australian equities moved lower on Friday, with the S&P/ASX 200 down 0.5% at 9,101.70 by 2321 GMT, Business Recorder reported. Banks and mining shares led the declines, while technology stocks also weakened. Despite the daily setback, the index was on track for a third straight weekly advance of about 1%.

Renewed attacks on energy infrastructure in Saudi Arabia and disruption to shipping through the Strait of Hormuz pushed oil higher, reviving inflation concerns and lifting short-term bond yields. Miners fell 0.9% as base-metal prices eased, while financials lost 0.6% and technology stocks dropped 1.2%; energy shares gained 1.1%. Investors are also watching for Australia’s monthly employment figures next week. In New Zealand, the S&P/NZX 50 declined 0.3% to 14,210.10, though it remained set for a weekly gain.