End-of-day summary:
The worst week for the big banks since early March ensured a weekly loss for Australian shares as the local market underperformed Wall Street.
The ASX 200 declined 42.5 points or 0.49% on Friday afternoon as the big four banks shed between 0.35% and 0.78%. Also under pressure: miners, healthcare providers, REITs and consumer stocks.
The heavily-weighted financial sector fell on four out of five sessions this week for a weekly loss of 3.9%. A fifth week of gains for the materials sector was insufficient to prevent the ASX 200 posting a weekly loss of 90 points or 1%.
The mood was brighter Stateside, where the S&P 500 recorded several record closes and was 1% ahead for the week with a session to go. Overnight, the US benchmark inched up 0.07% following a positive trading update from Alphabet and news of a trade deal with Japan.
