ASX Today Live News & Analysis

Australia's share market has notched its lowest weekly close since in more than three months, with interest rate-sensitive stocks under pressure from an increasingly grim rates outlook.

The S&P/ASX200 fell 58.6 points on Friday, down 0.66 per cent, to 8,769.7, as the broader All Ordinaries lost 66.9 points, or 0.74 per cent, to 9,031.7.

The top 200 has given up almost three per cent of its value in a fortnight and is sitting at a six-week low heading into the weekend.

"It hasn't been a great day for financial markets," CVS Lane director Fiona Clark said.

"A few highlights there, but overall, not a lot to look forward to."

An afternoon tumble in financials stocks wiped out an early lift for the bourse, with three of the big four banks in the red by the close, and investment giant Macquarie Group weighing heavily with a 5.7 per cent drop after an earnings miss.

Westpac led the big four's losses, followed by CBA, which lost 1.5 per cent to $175.91, while NAB was alone in bouncing higher after tanking 3.3 per cent after disappointing financial results on Thursday.

Other rate-sensitive and highly leveraged sectors were under pressure, with IT stocks plummeting 2.3 per cent, consumer discretionaries down 1.1 per cent and industrials fading 0.9 per cent.

Raw materials slipped lower, despite a long-awaited rebound for rare earths, as large cap miners tumbled in step with iron ore futures, which dipped below $US103 a tonne for the first time since September.

Weaker prices came amid softening demand from China's steelmakers, and with fresh concerns for the world's second-largest economy as exports unexpectedly fell in October after months of front-loading by US importers trying to get ahead of President Trump's tariffs.

Goldminers were mixed as spot prices edged tentatively above $US4,000 an ounce, with Evolution and Northern Star fading more than 0.5 per cent, while Newmont, Perseus and Ramelius notched gains.

Energy stocks grinded 0.5 per cent higher, tracking with a modest lift in oil prices overnight, with steady gains for fossil fuel producers but uranium plays still fall out of favour with investors.

The broad-based IT stock slump followed a tech-led sell-off on Wall Street overnight, so it was only fitting the dual-listed fintech Block Inc was the top-200's weakest performer, tanking more than 15 per cent after an earnings miss.

Closer to home, IT stocks such as Xero, WiseTech, Technology One fell between 1.8 per cent and 2.7 per cent, while California-headquartered tracking software company Life360 slumped more than 3.5 per cent to $46.64.

Cryptocurrency Bitcoin notched modest gains during the session, but remains under pressure as risk sentiment continues to dwindle, trading at $US102,680, in a technical bear market at more than 23 per cent short of recent record highs.

In company news, Qantas shares dropped 6.6 per cent to $9.51 after leaning into the lower end of guidance for projected domestic revenue growth.

Nine Entertainment shares lost 1.8 per cent to $1.12 after flagging advertising revenue was expected to remain soft heading into Christmas.

Looking ahead, Coles, Goodman Group, Downer, TPG Telecom and Domino's will hold annual meeting's next week, while ANZ, Orica, Aristocrat, Zero, GrainCorp and Infratil are among companies providing earnings updates.

The Australian dollar is buying 64.80 US cents, down from 65.07 US cents on Thursday at 5pm.

ON THE ASX:

The S&P/ASX200 fell 58.6 points, or 0.66 per cent, to 8,769.7

The broader All Ordinaries lost 66.9 points, or 0.74 per cent, to 9,031.7

The NZX 50 added 22.40 points (0.16%) to 13,599.21 while the Nikkei dropped -607.31 points (-1.21%) at the time of writing, to be closed at 50,276.37

Companies Holding Annual General Meeting (ASX 300):

Nine Entertainment Co. Holdings Limited

Qantas Airways Limited