Miners, real estate stocks pull Australian shares lower
Updates to close
ASX 200 logs best week since mid-Sept
Energy stocks snap 4-week winning streak
NZ quarterly inflation next week
By Sneha Kumar
Oct 11 (Reuters) -Australian shares ended marginally lower on Friday, with mining and real estate stocks weighing the most on the benchmark, while hotter-than-expected U.S. inflation print dampened investor sentiment.
The S&P/ASX 200 benchmark index .AXJO closed 0.1% lower at 8,214.5 points. The benchmark rose 0.8% this week, its biggest weekly gain since mid-September.
Overnight, data showed core U.S. consumer inflation came in at 0.3% in September, slightly hotter than expected, which pointed to stalling progress in the Federal Reserve's fight against inflation.
However, high weekly jobless claims figures kept bets that the Fed remains on track to cut interest rates in November intact.
On the other hand, minutes of the Reserve Bank of Australia's (RBA) meeting highlighted that the central bank did not consider a rate rise in September due to weak economic growth.
"The ascending journey of the Australian market is taking a breather today, following in the footsteps of Wall Street, which was under pressure from the double whammy of deteriorating labour market data and persistent inflationary pressures," Hebe Chen, market analyst at IG, said.
The biggest sectoral loser, real estate stocks .AXRE declined 0.3%. Property giant Dexus DXS.AX lost nearly 1% while Mirvac MGR.AX retreated 0.5%.
Miners .AXMM lost 0.4% as iron ore prices tumbled. The sub-index fell 1.5% for the week, their biggest weekly loss since early September. IRONORE/
Heavyweights BHP BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX shed between 0.2% and 1.3% for the day.
Gold stocks .AXGD tracked a jump in the prices of the yellow metal to rise 2%. GOL/
Energy stocks .AXEJ gained 0.4% but logged a weekly loss of 1.9% after four weeks of consecutive gains.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.7% to 12,845.64 points.
The country is set to report its quarterly inflation next Wednesday, a week after a 50-basis-points rate cut by its central bank.
Reporting by Sneha Kumar in Bengaluru; Editing by Mrigank Dhaniwala
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