Australian Shares Hit Two-Month Low on Mining Slump
Australian stocks dropped to a two-month low as miners tumbled on weaker commodity prices. Rising oil prices and inflation concerns also weighed on investor sentiment.
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Australia's benchmark S&P/ASX 200 index fell 0.9% to 8,741.20 points on Friday afternoon, hitting a two-month low. The drop marked a 2.1% weekly loss, driven by sliding mining stocks and surging energy costs. Investors retreated to cash amid heightened global inflation concerns and fears of monetary policy tightening.
