Aussie shares fall for second week as confidence fades
By Adrian Black
The S&P/ASX200 has fallen more than 2.4 per cent in two weeks as investors fret about many issues. -AAP Image
Australian shares have fallen for a second week amid high oil prices, US bond market concerns and a sharp sell-off in local banks as housing issues cause worries.
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The S&P/ASX200 fell 24.9 points on Friday, down 0.27 per cent, to 9,058.9, as the broader All Ordinaries lost 28.8 points, or 0.31 per cent, to 9,269.7.
The top-200 has fallen almost 2.5 per cent since resetting record highs earlier in August, after housing market concerns sparked a banking sell-off that has loomed large over earnings season.
Energy and gold stocks offered some support, as oil prices climbed and historically high US Treasury yields rattled investors, prompting the US Treasury to intervene in the roughly $US60 trillion ($A84 trillion) US bond market.
Australian equities staged a modest relief rally on Thursday, but were on the back foot a day later.
The Australian dollar is buying 71.44 US cents, up from 71.22 US cents on Thursday at 5pm.
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