Australia's sharemarket has dropped to its lowest level since June, as concerns about valuations collide with a reduced outlook for interest rate cuts.
The benchmark S&P/ASX200 lost 133.9 points on Friday, down 1.57 per cent, to 8,418.8, as the broader All Ordinaries fell 144.9 points, or 1.64 per cent, to 8,689.1.
A stronger than expected US jobs report overnight dampened hopes of incoming interest rate cuts from the world's largest central bank, the US Federal Reserve, dragging on equities markets.
The ASX200 has fallen more than 7 per cent after hitting an all-time high of 9,115.2 in mid-October, and has fallen each of the past four weeks.
On Friday afternoon the Australian dollar was buying 64.46 US cents, down from 64.79 US cents on Thursday at 5pm.
