Australia: Shares fall on commodities, US rate hike fears

[SYDNEY] Australian shares fell the most in nine weeks on Monday as investors continued to cash in on recent multi-year highs, while upbeat US jobs data raised expectations the Fed will raise interest rates sooner rather than later.

Large resources stocks weighed down the benchmark index after iron ore hit a record low following reports of Chinese steel mill closures.

The S&P/ASX 200 index ended down 1.3 per cent or 77.6 points at 5821.3, its biggest fall since Jan 6 and its lowest close since Feb 12. The index reached a 7-year closing high a week earlier.

New Zealand's benchmark NZX 50 index dropped 0.1 per cent or 6.1 points to finish the session at 5897.0.

REUTERS