News: NAB Australia, NZ shares retreat as ECB holds rates steady

• Financials set to rise 1.8% this week
• Miners on track for biggest weekly decline since May

Australian shares fell on Friday after three straight sessions of gains, with declines led by tech stocks and financials as investors registered disappointment with European Central Bank putting off an interest rate cut until probably September.

The S&P/ASX 200 index (xjo) fell 0.4% or 23.9 points to 6,794.10 by 0155 GMT. The benchmark rose 0.6% on Thursday and was set to gain 1.2% for the week.

"Equity markets responded to the ECB very much in a “buy the rumour sell the fact” way," ANZ said in a note.

The financials sub-index .AXFJ lost 0.6%, with the "Big Four" banks retreating between 0.3% and 0.8%, but the sub-index was still set to rise 1.8% for the week.

National Australia Bank (NAB) lost 0.6% and Australia and New Zealand Banking Group (ANZ) lost 0.7%.

The focus is now squarely on what the U.S. Federal Reserve decides next week at a policy committee meeting, with expectations running high for a cut in rates.

Lower U.S. interest rates will help lenders borrow U.S. denominated notes at cheaper rates, and alleviate some of the pressure on margins following two rate cuts by the Reserve Bank of Australia earlier this year.

Tech stocks .AXIJ dropped 1.6%, in line with Wall Street peers that fell after disappointing results from chipmakers, and social media giant Facebook warned that new rules and product changes aimed at protecting user privacy would slow its revenue growth into next year.

Computershare (CPU) fell 0.8% and Australia-listed Xero (XRO) lost 1.8%.

Energy firms .AXEJ gained 0.4%, as oil prices rose overnight supported by rising tensions between the West and Iran.

Woodside Petroleum (WPL) gained 0.3% and peer Oil Search (OSH) advanced 0.7%.

Mining stocks .AXMM were marginally higher, after falling 2% in the previous session. The sub-index was on track for a 1% weekly decline.

Global miners BHP Group (BHP) and Rio Tinto (RIO) added 0.3% and 1.2%, respectively.

New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.78% or 84.75 points to 10,811.76.

Auckland International Airport (AIA) slipped 2% and a2 Milk Company (ATM) lost 1.8%.