Australian shares head for fourth weekly loss on oil-driven inflation fears
Sept 25 (Reuters) - Australian shares fell for a second straight session on Friday and were on track for a fourth weekly loss in a row, as rising oil prices reignited inflation concerns and added to worries about the outlook for interest rates.
The S&P/ASX 200 index .AXJO slipped 0.5% to 8,661.20 by 0010 GMT, set to shed 0.8% this week as Middle East tensions and a lack of progress in US-Iran peace talks pushed oil prices above $100 a barrel, dampening risk appetite. O/R
In Australia, persistent inflation pressures, fuelled by soaring energy bills and heavy investment in data centres, have led markets to price in another rate hike, which would lift the cash rate to a near 15-year high of 4.60%. 0#AUDIRPR
Meanwhile, data on Thursday showed the local jobless rate unexpectedly rose to a five-year high last month, even as employment made a solid rebound, a mixed report that left markets still wagering on an imminent rate hike to fight inflation.
On the bourse, miners .AXMM led declines with a 1% drop, pressured by weaker copper prices. BHP BHP.AX and Rio Tinto RIO.AX both hit their lowest in about a week. The sub-index was set for a fourth consecutive weekly loss. MET/L
Among gold miners .AXGD, Northern Star Resources NST.AX and Evolution Mining EVN.AX declined 0.7% and 0.5%, respectively.
Technology stocks .AXIJ tracked overnight losses on Wall Street and were last down 1.5%. Logistics software maker WiseTech Global WTC.AX slipped nearly 2%, while accounting software firm Xero XRO.AX shed 2.9%. .N
Consumer discretionary stocks .AXDJ fell 0.7%, while industrials .AXNJ lost 0.5%.
Separately, Insurance Australia Group IAG.AX rose nearly 2% in its biggest intraday gain in two weeks after it agreed to settle an A$2.8 billion ($1.96 billion) Credit Suisse lawsuit over losses linked to collapsed finance firm Greensill Capital.
New Zealand's S&P/NZX 50 index .NZ50 fell 0.3% to 13,788, but was up 0.5% for the week.
($1 = 1.4271 Australian dollars)