The local share market has finished lower for both the day and the week ahead of a monthly US jobs report that could determine whether the Federal Reserve cuts interest rates again.
The benchmark S&P/ASX200 index on Friday dropped 54 points, or 0.64 per cent, to 8,420.9 while the broader All Ordinaries fell 55.2 points, or 0.63 per cent, to 8,689.3.
The ASX200 lost 15 points, or 0.18 per cent, for the week, snapping its two-week winning streak despite setting a record high on Tuesday.
AMP chief economist Shane Oliver said Australia's market was little changed for the week despite a positive global lead because of weaker-than-expected economic growth, as outlined in gross domestic product figures released on Wednesday.
This was balanced somewhat by increased prospects for an earlier rate cut, Dr Oliver said.
AMP views a cut next week as unlikely but believes there is about a 50 per cent chance the Reserve Bank will cut rates in February.
Markets have fully priced in a cut by April, whereas a week ago it was May.
Capital.com analyst Kyle Rodda attributed Friday's drop to traders taking something off the table ahead of the US non-farm payrolls report, due Friday night Australia time.
Mr Rodda said Friday's losses were a "garden variety pullback going into a significant risk event which, incidentally, will either seal the deal for a Fed cut in two weeks or cast a degree of doubt about it".
Ten of the ASX's 11 sectors finished lower on Friday, with utilities the only gainer.
Energy was the biggest loser, dropping 1.2 per cent as Woodside fell 2.2 per cent and Santos dropped 1.2 per cent.
In the heavyweight mining sector, BHP rose 0.3 per cent to $40.70, Fortescue dropped 1.1 per cent to $19.49 and Rio Tinto fell 0.8 per cent to $119.78.
The big four banks all lost ground, with Westpac dropping 1.4 per cent to $32.76, CBA falling 0.6 per cent to $157.06, NAB losing 0.4 per cent to $38.80 and ANZ dipping 0.1 per cent to $31.15.
In utilities, APA Group rose 1.4 per cent to an almost two-month high of $7.27 after the Australian Energy regulator confirmed the pipeline operator's South West Queensland Pipeline would not be subject to full price regulation.
APA chief executive and managing director Adam Weston said the decision gave APA the confidence to continue making investments to help meet gas demand on the east coast and it would move at pace to add capacity.
In currency, the Australian dollar had slipped further against its US counterpart, buying 64.29 US cents, from 64.37 US cents at Thursday's ASX close.
The Aussie traded below 64.50 US cents for a week in April but otherwise has not been below that level since November 2023.
In cryptocurrency, bitcoin had stumbled after hitting an all-time high of $US103,900 on Thursday afternoon - the first time it had ever reached six figures.
The original cryptocurrency plunged suddenly on Friday morning, falling as low as $US94,035 - a reminder of just how volatile the unregulated asset can be.
By 5pm, BTC had recovered somewhat, changing hands at just under $US97,900 or about $A152,300 on Australian exchanges.
Looking ahead, the Reserve Bank will meet to announce its latest decision on interest rates on Tuesday afternoon, with the central bank expected to leave rates on hold for the 13th month in a row.
In the US, consumer price index data for November will be released on Wednesday.
ON THE ASX:
* The benchmark S&P/ASX200 index on Friday dropped 54 points, or 0.64 per cent, at 8,420.9
* The broader All Ordinaries fell 55.2 points, or 0.63 per cent, to 8,689.3
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.29 US cents, from 64.37 US cents at Thursday's ASX close
* 96.45 Japanese yen, from 96.47 Japanese yen
* 60.82 euro cents, from 61.15 euro cents
* 50.46 British pence, from 50.62 pence
* 109.78 NZ cents, from 109.63 NZ cents
