MELBOURNE, May 18: Australian shares tumbled 2.7 percent on Friday on growing concerns about the global economic outlook, fanned by an escalating banking crisis in Spain, political turmoil in Greece and sluggish U.S. data.
Resource stocks fell hard on the prospect of weaker demand, with global miners BHP Billiton and Rio Tinto down 4.0 percent and 5.1 percent respectively.
Financial stocks slumped as investors fretted about the health of Spanish banks and what the broader impact might be.
Australia’s major four banks were all down more than 3 percent, with National Australia Bank the biggest decliner, off 4.2 percent.
The benchmark S&P/ASX 200 index slid 110.9 points to close at 4,046.5, its lowest close since Nov. 25, on heavy volume and with losses accelerating in afternoon trade.
New Zealand’s benchmark NZX 50 index fell 0.6 percent to 3,501.4
(agencies)
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