The Australian share market closed slightly lower on Friday as investors awaited clearer signals from the global economy following slightly hotter-than-expected U.S. CPI reading overnight.
The benchmark S&P/ASX 200 Index fell by 0.1%, or 8.5 points, closing at 8214.5. This marked a weekly decline of 0.8%, erasing the month's earlier gains, which had been fuelled by hopes of a Chinese economic rebound that faltered this week.
The subdued performance mirrored Wall Street's overnight movements, where all three major indices posted modest losses: the Dow Jones dipped 0.1%, the S&P 500 fell 0.2%, and the Nasdaq slipped 0.05%.
The declines followed the release of U.S. consumer price data showing a 0.3% month-on-month rise in September, slightly above economists' expectations of 0.2%, along with higher-than-expected weekly jobless claims. The figures reignited concerns about a weakening labour market and persistently high inflation.
Among local companies, iron ore miners retreated as traders anticipated a potential announcement from China's finance ministry on Saturday, which could include new stimulus measures. Rio Tinto eased 0.4%, BHP dropped 1.1%, and Fortescue Metals fell 1.3%.
In contrast, gold miners saw gains. Regis Resources, Capricorn Metals, and Genesis Minerals were among the top performers, adding 4.5%, 2.4%, and 2%, respectively.
The rise followed a 0.6% increase in gold prices, as traders sought refuge in the safe-haven asset in response to the latest U.S. inflation and jobs data.
On the bond markets, 10-year rates were at 4.233%, while 2-year rates were at 3.837%.