Australia's share market suffered its biggest one-day fall in the past three weeks as interest rate jitters caused a sharp reversal of strength in the US market.
The S&P/ASX 200 index closed down 1.1 per cent at 7727.6 points after hitting an eight-day low of 7716.9, increasing potential for a Double Top pattern.
Consumer discretionary, property, consumer staples, and tech sectors led broad-based falls. Wesfarmers dived 3.8 per cent as Morgan Stanley downgraded.
CBA fell 1.5 per cent leading falls among major banks amid concerns over valuations after Goldman Sachs cut NAB and Westpac this week.
ResMed fell 3.2 per cent on offshore peer declines.
Xero fell 2.7 per cent after surging on strong results this week.
Treasury Wine Dived 4.4 per cent.
Challenger rose 2.8 per cent as UBS upgraded.
Woodside closed up 0.7 per cent after an early fall.
After almost retesting its record high at 7910 points last week, the index fell four days in a row this week, its first four-day fall in five weeks.
A 1.1 per cent fall this week was its first weekly loss in five weeks.