Australian shares inched lower on Friday, dragged down by energy and gold stocks, although losses were limited due to fading worries of an escalating global trade war.
The S&P/ASX 200 index fell 0.2% to 8,507.8, as of 2336 GMT.
For the week, the benchmark has shed 0.3% so far and was set to end lower after gaining for four consecutive weeks.
Fears of an escalating global trade war are easing among investors now, after the week saw US President Donald Trump’s tariff approach and had Australia’s top trading partner China’s relatively restrained response to the US’ 10% tariffs.
Back in Sydney, energy stocks dropped as much as 1.4% as Trump’s repeated pledge to boost US oil production left oil prices to settle lower.
Gold stocks shed as much as 0.8% after bullion prices slipped from their record high rally. For the week, however, the sub-index has gained 3.7%, set for its seventh week of consecutive gains.
Gold miners Northern Star Resources and Evolution Mining were down 0.4% and 0.7%, respectively.
Financial stocks fell as much as 0.6%, with the “Big Four” banks losing between 0.4% and 0.9%.
Healthcare and consumer discretionary stocks lost as much as 0.9% and 0.4%, respectively.
Australia shares sidestep trade war fears; News Corp gains on upbeat results
Bucking the trend, miners rose as much as 0.6%, extending gains for a fourth straight session, as iron ore prices recovered. For the week, the sub-index jumped 2.3% and eyed a second weekly gain in a row.
Mining giants BHP Group, Rio Tinto and Fortescue gained between 0.1% and 1.7%.
Overnight, the US Dow Jones Industrial Average fell 0.28%, while the S&P 500 gained 0.36% and Nasdaq gained 0.51%.
In New Zealand, the benchmark S&P/NZX 50 index was flat at 12,837.48.
For the week, it fell 1.2% and was set to clock a third straight weekly loss.
Source: Brecorder
